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- Bitcoin
price rejected from the psychological resistance of $30,000. - Bitcoin failed to hold above $29,000.
- Falling below $25,000 could result in worse outcomes.
Bitcoin price unable to break $30,000 resistance, likely to opt for a correction of $25,000!
If Bitcoin Can’t Hold on to $25,000, the Drop Could Deepen!
The cryptocurrency market has been trading sideways with the leading token Bitcoin following a similar pattern in recent weeks. Despite numerous attempts in April, Bitcoin struggled to surpass the $31,000 mark. The price is currently at $28,888 and is blocked by psychological resistance at the $30,000 level.
As long as this area blocks prices, a correction to around $25,000 could be preferred to prepare for a long bull run. This corresponds to a retest of the same resistance level at the beginning of the year and can be confirmed as a support level.
If it breaks the $31,000 mark, Bitcoin can continue to climb to $33,500. This will provide the next resistance level before a potential rise to $40,000. However, if bears stay below $25,000, Bitcoin is at risk of breaking the price gap, which could cause the price to drop below $18,000.
Bull Run Based on External Factors
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Bitcoin is in good shape and can make a big bull run due to the following factors. First, the banking crisis is disturbing the United States and other regions. Second, there is a divergence between BTC and traditional markets. Finally, we can talk about the brake in interest rates promised by the US Federal Reserve.
The bankruptcy of the Silicon Valley Bank at the beginning of March is still shaking the sector as many Americans are afraid to deposit their money in the bank. Bitcoin’s recent price increase coincided with this and showed its flexibility as digital gold.
There has been an increase among investors in diversifying their assets into Bitcoin for good reasons. Bitcoin does not require intermediaries; anyone can store BTC in their wallet without relying on a central institution. Bitcoin is a unique asset due to its volatility. Sometimes it shows high correlation with stock indices. Sometimes it changes direction and creates its own path.
Finally, the Fed raised interest rates to an annual rate of 5.25%. This is the highest level since 1997. However, the increase came with an additional announcement: no new increases (or decreases) are expected for the rest of 2023. In general, a deadlock or a decrease in interest rates is a catalyst for the rise in the price of risky assets such as Bitcoin.
