empty
26.06.2023 01:47 PM
Bitcoin Holds $30k: Is It Worth Waiting for the Next Round of Bullish Movement?

Last week turned out to be full of surprises as the main cryptocurrency concluded its consolidation period and began an upward movement. As a result, Bitcoin recovered from a slow price decline in May in just two days. Subsequently, BTC continued its upward movement and reached a local high.

This image is no longer relevant

The cryptocurrency ended the Friday trading session with a retest of the $31.4k level, which is a new local high for the past year. On Saturday, Bitcoin made a second retest of the $31k level; however, later on, the asset's prices began to decline under selling pressure. Bitcoin ended Sunday on a bearish note but held the $30k level, indicating the potential for further upward movement in the cryptocurrency.

Fundamental Factors

The decline in Bitcoin's price was largely attributed to a decrease in trading activity over the weekend, primarily among large funds that form the basis of the bullish trend for BTC. The second important factor is the achievement of key levels above $31k, which significantly activated sellers.

This image is no longer relevant

Another reason is the overall decline in trading activity in financial markets, as indicated by the temporary strengthening of correlation between the SPX index and Bitcoin. The local increase in the level of interdependence was likely associated with news of a decrease in leading indicators in the U.S., which historically indicates a recession.

This image is no longer relevant

Nordea analysts state that the U.S. GDP will shrink by 2% in the current year. The combination of this news had an impact on the investment community after the head of the Federal Reserve announced plans to continue raising interest rates. The Fed funds futures market prices in a 77% probability of a rate hike in July, and therefore, markets are particularly sensitive to news related to the U.S. recession and economy.

Crypto Market Continues to Show Signs of Life

Despite the overall negative situation in financial markets associated with the Fed's policy, crypto investors can boast a positive news background. Reports say that the Securities and Exchange Commission has approved the first leveraged crypto ETF in the U.S., the 2x Bitcoin Strategy ETF by Volatility Shares. The ETF fund will be listed on the CME based on the Bitcoin Futures Daily Roll Index.

This image is no longer relevant

It is also reported that Brazil's largest bank, Itau, with a capital of $2 trillion, is joining the national Bitcoin Association. Another significant event will be the expiration of $3.3 billion in BTC and $2.1 billion in ETH. Such events are usually accompanied by a high level of volatility and price swings.

BTC/USD Analysis

As for the technical side, Bitcoin is trading near the $30.5k level, with daily trading volumes around $12 billion. The situation will likely change in the second half of the day, and trading activity may increase. The cryptocurrency looks bullish, and in the near future, we can expect movement towards key price levels.

This image is no longer relevant

Bulls managed to defend the $30k level, which guarantees the stability of the current upward movement. If the opening of the American market has a positive effect, the asset will resume its upward movement towards the $31k level and then $31.5k. The ultimate target for BTC in the short term is to establish a firm position above these levels.

This image is no longer relevant

However, we cannot exclude the possibility of a local price correction for BTC. The main technical indicators are in the overbought zone, and for a sustainable upward movement, the asset needs a local correction while holding the key level at $29k. However, it seems that the asset has not exhausted its entire upward potential of the current impulse.

Conclusion

Bitcoin looks bullish, and there is enough time until the next step in raising the key interest rate. Taking this into account, we can expect the price of BTC to move towards the $31k–$31.5k levels and attract additional liquidity. In the future, a local correction can be expected, which may occur during the expiration period. However, overall, the medium-term targets in the $35k–$36k range remain relevant.

Seleccione el marco de tiempo
5
min
15
min
30
min
1
hora
4
horas
1
día
1
s.
Gana con los cambios en el valor de las criptomonedas con InstaForex.
Descarga MetaTrader 4 y abre tu primera operación.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    UNIRSE AL CONCURSO

Recommended Stories

Recomendaciones para operar en el mercado de criptomonedas el 28 de marzo

El Bitcoin y Ethereum siguen enfrentando dificultades. Otro intento fallido de que el Bitcoin se mantuviera por encima del nivel de 88 000 llevó a su venta durante la sesión

Miroslaw Bawulski 07:52 2025-03-28 UTC+2

El Éter cayó. El Bitcoin salió mejor parado

A pesar de la implementación exitosa de la actualización de prueba Pectra en la nueva red de pruebas Hoodi —lo que representa el último paso antes de su implementación

Jakub Novak 07:52 2025-03-28 UTC+2

Análisis del par BTC/USD. El 27 de marzo. El Bitcoin no tiene potencial de crecimiento

La estructura de ondas del gráfico de 4 horas para el instrumento BTC/USD es completamente comprensible. Después de completar un tramo ascendente de la tendencia, compuesto por cinco ondas completas

Chin Zhao 08:25 2025-03-27 UTC+2

Recomendaciones para operar en el mercado de criptomonedas el 27 de marzo

El Bitcoin y Ethereum vuelven a enfrentar ciertas dificultades para subir. Pero esto es más bien una reacción a las nuevas declaraciones políticas de Trump, lo que llevó

Miroslaw Bawulski 07:28 2025-03-27 UTC+2

BCH/USD – situación actual y perspectivas

Los sentimientos de duda e incertidumbre de la semana pasada se mantienen hasta ahora. La atracción del nivel final del cruce mensual de Ichimoku (329,98) sigue manteniendo al mercado dentro

Evangelos Poulakis 07:10 2025-03-27 UTC+2

Recomendaciones para operar en el mercado de criptomonedas el 26 de marzo

El Bitcoin y Ethereum continúan mostrando un crecimiento activo, pero también enfrentan dificultades al superar niveles importantes de resistencia. Ayer, el Bitcoin, tras alcanzar los $88 400, retrocedió y actualmente

Miroslaw Bawulski 07:32 2025-03-26 UTC+2

El Bitcoin se estanca antes de un nuevo impulso por encima de los $90 000

Mientras estás pensando si comprar Bitcoin o no, el mayor gestor de activos del mundo, la empresa BlackRock, está aumentando activamente sus reservas de ETH para su fondo tokenizado BUIDL

Jakub Novak 07:32 2025-03-26 UTC+2

Recomendaciones para operar en el mercado de criptomonedas el 25 de marzo

El Bitcoin y Ethereum lograron actualizar niveles bastante importantes, pero una vez más no pudieron mantenerse por encima de ellos. El Bitcoin, tras alcanzar el nivel de $88 600, retrocedió

Miroslaw Bawulski 07:48 2025-03-25 UTC+2

Por qué la caída de Bitcoin aún no ha terminado

A pesar del reciente crecimiento del mercado de criptomonedas, por ahora las perspectivas alcistas más amplias y el regreso del Bitcoin al nivel de $100 000 siguen siendo poco realistas

Jakub Novak 07:48 2025-03-25 UTC+2

Recomendaciones de trading en el mercado de criptomonedas para el 24 de marzo

El Bitcoin y Ethereum han mostrado un crecimiento bastante sólido hoy después de un fin de semana algo apagado, lo que indica una creciente disposición de los inversores al riesgo

Miroslaw Bawulski 08:41 2025-03-24 UTC+2
¿No puede hablar ahora mismo?
Ingrese su pregunta en el chat.
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.