On Friday, the cryptocurrency market was struggling, but it rebounded after the US government intervened and put a stop to the spreading banking crisis. This caused crypto prices to rise, and some traders are now predicting the end of quantitative tightening (QT) and a return to easy money policies.

Bitcoin Price Jumps 21% In 24 Hours

Despite an initial jump after President Biden's announcement of an emergency backstop for struggling banks, stocks experienced less of a bounceback and finished in the red at the close of markets. However, the cryptocurrency market fared much better as the move by the U.S. government to halt the spreading banking contagion turned into a boon for crypto prices.

According to data from TradingView, Bitcoin's price, which had been trading near $20,300 for most of the weekend, rallied on Sunday afternoon and received an additional boost on Monday, reaching a daily high of $24,617, a 21.2% turnaround in less than 24 hours. This has led some traders to suggest that quantitative tightening (QT) is over, and that a return to easy money policies may be on the horizon.

According to Eight Global, after the U.S. government intervened to prevent banking sector contagion, the BTC price rebounded and approached the 50-day moving average (DMA) near $22,900. Currently, the key support level is between $21,500 - $21,800, while potential resistance is between $22,600 - $23,000.

The analysts believe that the most likely scenario is an ABC correction, with the B wave top between $23,300 - $24,000, followed by another correction towards $18,300. However, if BTC can flip the $24,000 level to support, this scenario may be invalidated.

As of now, BTC is trading slightly above $24,000, but a strong daily close above this level is required for resistance to turn into support. On the weekly chart, the weekly candle closed below the 8EMA and lost the 34EMA the week before, according to Eight Global.

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