Bitcoin price jumps 21% in 24 hours, trades above $24k

The cryptocurrency market is in much better condition than on Friday because of the steps taken by the US government to try and stop the spreading banking

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Shares initially experienced little to no buoyancy after President Biden announced an emergency backstop for deposits at struggling banks but grew as the day wore on.

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At the close of markets on Monday, the S&P and Dow ended in the red, down 0.15% and 0.28%, respectively, while the Nasdaq gained 0.45%.

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According to data from TradingView, the price of bitcoin on Sunday ended the week at $20,631.

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Bitcoin price received an additional boost on Monday with the emergency declaration, which took Bitcoin to a daily high of $24,617.

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Jim Wyckoff, senior technical analyst at Kitco, said that a “bullish turn led to a sharp rise in March bitcoin futures.”

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After the US government's decision to stop the contagion in the banking sector, BTC price "retraces" towards the 50-DMA located near $22,900.

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Noting the movement in the price of bitcoin, Eight Global noted that on the weekly bitcoin chart, the weekly candle closed below the 8EMA, after losing the 34EMA the week before.

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