🚨🚨This is what Bitcoin needs to go higher🚨🚨
🚨 Hello Crypto Banter community🚨
Bitcoin has recently lost upward momentum, as it is trading in the $26,750-$28,730 range, while the $28,000 level is acting as a critical resistance.
Possible pullback leads to a decline towards $27,250-27,500 and a sharp correction towards $25,000.
The Fed raises interest rates and the pressure it puts on banks, and the worsening banking crisis may help spur a rally to $30,000.
Bitcoin lost upward momentum after reaching the 2023 trend line with last week's bounce. Over the past week, Bitcoin prices have witnessed increased volatility.
Among the technical indicators we follow based on Bitcoin's February-March decline, the $26,750-$28,730 range has been crucial in recent weeks.
Recently, BTC has been trading in this range. Since last week, the $26,700 level has acted as support. It made weak attempts to breach the $28,700 level. Meanwhile, $27,500 (Fibonacci 1,414) continues to act as a short-term pivot level.
Critical resistance for Bitcoin is at $28,000
Meanwhile, BTC continues attempts to break above the $28,000 level, and the failure to gain momentum in this area is starting to create pressure in the BTC market.
In the next week, we may see increasing selling pressure if the $28,700 level is not breached in the weekend trading.
Bitcoin's current trend will weaken after breaching the $27,000 range. If buying interest wanes, this pressure could turn into a sharp correction. The first support area in front of a possible decline is the $27,250-$27,500 area. This support is located at the 8-day exponential moving average (EMA) at $27,500, which is the pivot level.
BTC could quickly fall towards the $25,000 region in the event of a possible breakout. The $25,000 area was acting as a major resistance area in February, along with the 21-day exponential moving average.
Finally, based on the short-term price action, the $22,800-$23,000 area will be a major support area for Bitcoin.
For Bitcoin's upside to be triggered technically, it is important to break the $28,700 level, which is what I have been highlighting for some time, in terms of volume or a weekly close. BTC could rise to $34,000 in high volume if this breakout occurs.
This week saw the announcement of the Fed's most significant decision in months. The message he sent regarding the banking crisis that started in the US and spread to Europe at the FOMC meeting was very important.
The expectation of a 25 basis point Fed rate hike had already been priced in prior to the decision.
However, after Powell's speech at the press conference, Bitcoin fell slightly. The Fed has reaffirmed its commitment to the inflation target, which is putting pressure on banks by continuing to raise interest rates.
The continuation of the banking crisis could help support Bitcoin
On the other hand, Powell said that they have enough tools to support the banks. He noted that the Fed may take steps to expand the bank's balance sheet if necessary while implementing a tight monetary policy.
Currently, the price is defending the $26,000 support level amid mixed reactions in the bitcoin market. The banking sector is back on the agenda.
Today, shares of Deutsche Bank (ETR:DBKGn) (ETR: DBKGn) fell more than 10%, which was interpreted as a further escalation of the crisis in the banking sector.
At the beginning of the process, all of these developments may increase the demand for bitcoin-based crypto assets.
With the return of fresh buying on the weekly close above $28,700, we may see Bitcoin rally towards the $30,000 range next week. However, failure to breach the resistance will lead to a correction that could reach $25,000.
So what do you think....
In the comments.......
@HLSPORTRAIT
