As market volatility rocks the crypto world, bitcoin price It seems to be heading towards the $28,000 support, which is causing investors and traders to wonder when the next level will materialize.
In this bitcoin price prediction, we will explore the factors contributing to the current market volatility and analyze the possible scenarios that may unfold in the coming days.
Stay tuned as we delve into the rollercoaster ride that is the cryptocurrency market.
US Banking Turmoil Fuels Bitcoin’s Climb Toward the Coveted $30K Mark
Bitcoin started rising recently after the second major bank failure in the United States caused uneasiness throughout the banking sector.
In addition, shares of PacWest Bancorp saw a sharp decline following a disappointing Q1 earnings report, following the default of First Republic Bank.
According to cnbcA Gallup poll revealed that nearly 50% of Americans are concerned about the safety of their money in banks.
The US banking crisis is starting to affect various regional banks, leading to a shift in market sentiment towards alternative safe havens such as gold and bitcoin.
As a result, BTC/USD is gaining momentum, with the price inching closer to the crucial $30K mark.
Additionally, the turmoil in the US banking sector that began two months ago has been quite beneficial for Bitcoin, as the cryptocurrency’s market share has increased significantly during this time.
According to trading viewBitcoin’s dominance rate has increased from 42% to 49% since March, reaching its highest level in 22 months.
bitcoin price
Bitcoin is currently showing a slight bearish trend, trading at $28,978 mostly unchanged, up 0.10%. The BTC/USD pair is taking advantage of its earlier daily gains, heading towards the $30K mark.
Technical aspects of bitcoin remain stable, with BTC trading largely in line with our price predictions.
On the four-hours chart, bitcoin remained well above the 50-day exponential moving average, which provides important support near $28,700.
This level has been an important resistance for BTC throughout the week. Nonetheless, a candle close above $28,700 increases the chances of a bullish move for BTC.
Bitcoin may find immediate support near the 27,600 level, as indicated by a trendline forming on the 4-hours chart.
If the price breaks this important 27,600 level, BTC could move towards the next support at 27,200.
Conversely, if BTC manages to break the $29,600 mark, we could see the price move north towards $30,400.
Top 15 Cryptocurrencies to Watch in 2023
The Cryptonews Industry Talk team has compiled a list of the top 15 cryptocurrencies for 2023, each of which shows considerable growth potential in both the short and long term.
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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