As bitcoin (BTC) continues its upward trajectory, reaching a price of $27,000, the cryptocurrency market eagerly awaits the potential impact of a news-heavy week.
With various developments including regulatory updates, institutional adoption, and changes in market sentiment, the question begs: will the accumulation of positive news propel BTC to new highs?
Traders and investors closely monitor market dynamics in order to predict future price movements of bitcoin in the midst of this eventful week.
Let’s delve into the details and analyze the factors that could shape the future of bitcoin.
Will A News-Heavy Week Boost BTC?
Upcoming USD Events: Potential Impact on BTC Price Movement
Tuesday, May 23:
- 13:45 UTC: Flash Manufacturing PMI (50.0-50.2)
- 13:45 UTC: Flash Services PMI (52.6-53.6)
- 14:00 UTC: New Home Sales (665K-683K)
- 14:00 UTC: Richmond Manufacturing Index (-8 to -10)
Wednesday, May 24:
Thursday, May 25:
Friday, May 26:
- 12:30 UTC: Core PCE Price Index M/M (0.3%)
- 12:30 UTC: Core Durable Goods Orders m/m (0.0%-0.2%)
- 12:30 UTC: Durable Goods Orders m/m (-1.0%-3.2%)
- 14:00 UTC: Revised UOM Consumer Sentiment (58.2-57.7)
These important economic events in USD can have a tangible impact on the price movement of BTC.
Investors and traders should closely monitor these events as they can potentially affect market sentiment and contribute to significant volatility in the price of bitcoin.
It is advised to stay informed and exercise caution when navigating the cryptocurrency market during this time.
bitcoin price
current price of Bitcoin stands at $26,905, with a 24-hour trading volume of $8,191,191,226.
In the past day, bitcoin experienced a slight decline of around 0.50%.
It maintains its position as the top-ranked cryptocurrency on CoinMarketCap, boasting a live market capitalization of $521,428,624,411.
With a circulating supply of 19,379,850 BTC coins and a maximum supply of 21,000,000 BTC coins, bitcoin continues to be a dominant player in the crypto market.
bitcoin price prediction What if BTC breaches the symmetrical triangle?
Bitcoin is currently showing limited price movement and low volatility on Sunday, facing a significant resistance at the $27,250 mark.
This resistance can be attributed to the presence of a symmetrical triangle pattern, indicating a neutral sentiment among investors who are looking to fundamentals to determine the next market direction.
If the symmetrical triangle pattern breaks to the upside, it could signal a continuation of the bullish trend, with potential resistance at $27,700 and even higher at $28,200.
Specifically, key technical indicators such as Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) are currently showing a neutral position, suggesting the possibility of a breakout above the $27,250 resistance.
Bitcoin is rising from support at the 50-day exponential moving average, jamming it near $26,800 and setting the stage for a potential bullish dance.
But, if bitcoin cannot break above the $27,250 level, it might be time to execute some minor moves, targeting the $26,800 and $26,600 support levels.
On the flip side, if bitcoin declines below $26,600, it could drop like hot to hit the $26,000 and possibly $25,750 support.
Right now, the $27,250 level is taking the spotlight as the final pivot point, and a decisive close above or below this level will determine the next dance move. Let’s keep an eye on the rhythm!
Top 15 Cryptocurrencies to Watch in 2023
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Get ready to explore the exciting possibilities ahead for these digital currencies.
Disclaimer: The Industry Talks section features insights by crypto industry players and is not part of the editorial content of 0x0news.com.