The recent surge in bitcoin price with BTC surging above $1,000 has investors and market analysts eager to predict the next target for the leading cryptocurrency.
As market dynamics shift and momentum builds, we explore the factors that could influence bitcoin’s trajectory and potential future price milestones.
Fundamental outlook of the crypto market
consumer confidence The United States experienced unprecedented growth in March, suggesting that individuals are less apprehensive about the future despite recent turmoil in the banking sector and higher prices. This development could positively affect the value of BTC in a number of ways.
In terms of data, US consumer confidence rose slightly in March, reaching 104.2. This is higher than both the previous month’s figure of 103.4 and the expected score of 101.0.
The index, which relies on online customer surveys, experienced a decline in the two months prior to this surge. The growth was mainly driven by increased expectations, even though the index remained below its 2022 average of 104.5.
It is important to note that when people are more optimistic about the economy, they generally spend more money. This increased spending could lead to an appreciation of asset values, including bitcoin.
CFTC Stance on Bitcoin as a Commodity
Commodity Futures Trading Commission (CFTC) Similar to the classification of bitcoin, ethereum (ETH) and litecoin (LTC) are designated as commodities. This implies that they are considered tradable assets similar to gold or oil.
The announcement was made by the CFTC during its investigation into Binance, a well-known cryptocurrency exchange.
The announcement is likely to increase the value of both cryptocurrencies by cementing their status as commodities, potentially increasing their credibility and adoption in traditional financial markets.
Additionally, this classification may result in increased regulatory oversight and acceptance from institutional investors.
bitcoin price
Live bitcoin price 28,254 with a 24-hour trading volume of $21.4 billion today. Bitcoin is up almost 5% in the last 24 hours. The current Coinmarketcap ranking is #1 with a live market cap of $546 billion.
According to the technical analysis, the BTC/USD pair is currently displaying a bearish trend with a potential resistance near the $28,900 mark.
So far, the technical outlook has remained relatively stable as bitcoin continues to hover around the $27,900 price level.
Should the BTC/USD pair successfully break above the $28,950 resistance, this could lead to an increase in the value of bitcoin, potentially reaching $29,200 or even $30,700.
On the other hand, if a downtrend emerges, bitcoin price is expected to face solid support near the $26,600 and $25,200 levels.
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Disclaimer: The Industry Talks section features insights by crypto industry players and is not part of the editorial content of 0x0news.com.
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