empty
14.04.2023 10:52 AM
Bitcoin continues upward movement with growing trading volumes

Over the past three months, we have seen a bullish rally in Bitcoin of almost 100%. Investor sentiment is gradually changing to confidently bullish, and the main question is when BTC will break the next resistance level.

Over the past month, Bitcoin managed to form a strong support line near the $28.5k level. Also, the asset has updated its local high above $30.5k and continues its upward movement. Bitcoin will likely continue its upward movement and update the local high above $31k.

Fundamental background

Bitcoin managed to return to the top 10 assets by market capitalization thanks to a strong bullish move. Despite this, the asset maintains correlation with equity assets, primarily the SPX. The level of correlation of the two instruments is still above 80%.

This image is no longer relevant

The main catalyst for the growth of Bitcoin quotes and other high-risk assets was a decline in inflation and a local stimulus for the banking system from the Fed. Due to the combination of these factors in the futures market, expectations of no rate hike in May have increased.

This image is no longer relevant

However, Wall Street Journal reports that the Fed will no give up raising its key rate in May, despite inflation falling to a two-year low. Also, the regulator understands the recession risks, but doesn't plan to change its monetary policy.

BTC/USD Analysis

Over the past two days, the crypto market capitalization has grown by more than 7% and reached $1.29 trillion. Despite this, the volume of investments in crypto and blockchain projects in the first quarter of 2023 amounted to only $2.4 billion, the lowest figure since Q4 2020.

This image is no longer relevant

However, there is every reason to believe that the situation will seriously improve in the second quarter due to the next stage of Bitcoin's bullish rally. The first signals of an altcoin rally are emerging in the market, and Ethereum's successful update marked the first stage of the rest of the crypto market's rally.

This image is no longer relevant

Bitcoin's dominance level is still above the 45% mark, but we have seen a downward trend over the past two days. This suggests that more and more investments are coming into alternative cryptocurrencies, primarily ETH, ADA and SOL.

This image is no longer relevant

Technically, Bitcoin continues to show the potential to reach the $31k level. On the daily chart of the asset, the RSI index resumed upward movement above the 70 mark, and another bullish crossover has formed on the stochastic.

At the same time, the MACD also continues its upward movement, which confirms the bullish mood of the market. Questions are raised by stochastic, which has formed two local impulses over the past three days. This may indicate that the bullish potential within the current upward movement is gradually decreasing.

This image is no longer relevant

However, BTC/USD is able to make the final push and update the local high. As of writing, the cryptocurrency is near the $30.9k level, and will try to make a bullish breakout of the $31k psychological mark. This will be the final chord of the current bullish movement, as the asset is approaching local overheating in all respects.

Results

Bitcoin managed to update the local high within the current stage of the bullish movement. Buying volumes gradually decrease when bullish impulses are realized, which indicates a decrease in the upward potential. Despite this, BTC is able to conquer the $31k–$32k level, and then proceed to a recovery correction.

Artem Petrenko,
Analytical expert of InstaForex
© 2007-2025
选择时间框架
5
分钟
15
分钟
30
分钟
1
小时
4
小时
1
1
通过InstaForex赚取加密货币汇率变动的收益。
下载MetaTrader 4并开启您的第一笔交易。
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

推荐文章

4月10日加密貨幣市場交易建議

受特朗普突然改變主意的消息影響,比特幣和以太坊雙雙飆升,上漲了6%到10%之間。 在美國宣佈90天暫停互惠關稅的消息之後,比特幣的投資者表現出強烈的FOMO情緒。

Miroslaw Bawulski 08:05 2025-04-10 UTC+2

比特幣承受拋壓:反彈為何難以拯救多頭

比特幣正在大幅下跌,資金傳出虧損,分析師看不到任何增長的理由。加密貨幣市場的領頭羊究竟發生了什麼?在這種情況下應該怎麼做? 比特幣再次處於不穩定的中心。

Ekaterina Kiseleva 12:07 2025-04-09 UTC+2

4月9日加密貨幣市場的交易建議

比特幣和以太坊在週二結束時大幅下跌,並在今日的亞洲交易時段繼續大幅拋售。在美國股市的又一次急劇下跌中,其他風險資產也被拖累,其中包括加密貨幣市場。

Miroslaw Bawulski 09:22 2025-04-09 UTC+2

又一次加密貨幣市場崩盤

股市的又一次崩盤亦波及加密貨幣市場。由於擔心進一步下跌,投資者開始大量拋售數字資產,這引發了比特幣、以太坊及其他熱門加密貨幣價格的急劇下跌。

Jakub Novak 09:22 2025-04-09 UTC+2

4月8日加密貨幣市場交易建議

Bitcoin 和 Ethereum 在本週初的劇烈拋售後,正逐漸復甦。美國股市的情況及其大幅下跌與加密貨幣市場的下滑緊密相關。

Miroslaw Bawulski 09:25 2025-04-08 UTC+2

比特幣——技術分析概覽

目前,市場正在測試79,773至75,446之間的月度支撐區。若在該區域下方整固,空頭將掌控這些支撐水平,從而使Ichimoku週線金叉(78,416)失效,並開啟新的看空機會。

Evangelos Poulakis 07:36 2025-04-08 UTC+2

4月4日加密貨幣市場交易建議

比特幣和以太坊再次抵擋住了來自昨天傍晚美國股市大幅拋售的重大壓力,這是一個與加密貨幣市場日益相關的對應市場。 比特幣未能成功跌破81,000美元,這激發了大投資者的購買興趣。

Miroslaw Bawulski 09:09 2025-04-04 UTC+2

比特幣再度失利

在美國交易時段中,儘管特朗普的聲明和關稅的推出,Bitcoin 和 Ethereum 曾一度展現出強勢。然而,隨即風險資產的需求減少。

Jakub Novak 11:36 2025-04-03 UTC+2

4月3日加密貨幣市場交易建議

即使在特朗普的決定和宣布貿易關稅之前,比特幣和以太坊就已經上漲,但之後對風險資產的壓力顯著增加。很難說新宣布的關稅會直接影響加密貨幣市場——例如,外匯市場及其風險資產相對於美元上漲。

Miroslaw Bawulski 09:02 2025-04-03 UTC+2

BTC/USD 分析。4月2日。比特幣也害怕特朗普的關稅

在BTC/USD 4小時圖上的波浪型態是相當明顯的。在完成了一個由五個完整波浪組成的上升趨勢後,開始了一個向下的修正階段,目前仍在進行中。

Chin Zhao 12:17 2025-04-02 UTC+2
现在无法通话?
提出您的问题,用 在线帮助.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.