Bitcoin continues to rise despite banking difficulties, mirroring the bullish response following the March regional banking crisis. It appears to be the preferred asset for future banking challenges. Technical analysis is the only viable strategy due to turbulent price movement.

Daily Bitcoin technical analysis.
Bitcoin rebounded above resistance and now aims for a 31K high. Buyers must exercise caution and risk management due to a fakeout. Sellers’ confidence may increase, driving the price down to 28475.

4 hour Bitcoin technical analysis.
The 29500 support level should be monitored, as a break below it triggers a selloff into the 28648 level. A rejection from the last fakeout high is expected. To increase confidence and join the ride towards the 31K high, the price must break above the 30K barrier.

Future Events
The market will be affected by tomorrow’s US CPI and Jobless Claims figures, with higher-than-expected statistics having the potential to dampen risk appetite and weigh on Bitcoin. Lower-than-expected readings might result in a narrative of a gentle landing and no rate increases, which would strengthen cryptocurrencies. The most recent US Jobless Claims data might also have a big influence; a miss could spark recessionary worries and a drop in Bitcoin, while a beat could be seen negatively given the Fed’s ongoing rate rises.

By admin

Leave a Reply

Your email address will not be published. Required fields are marked *