As market volatility shakes the crypto world, Bitcoin’s price appears to be heading toward the $28,000 support level, leaving investors and traders wondering when the next leg up will materialize.
In this Bitcoin price prediction, we will explore the factors contributing to the current market fluctuations and analyze the potential 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 Accelerates Bitcoin’s Climb Towards the Coveted $30K Mark
The recent Bitcoin uptick commenced after the second major bank failure in the United States, causing unease within the entire banking sector.
In addition, following the default of First Republic Bank, PacWest Bancorp stocks saw a substantial drop due to a disappointing Q1 earnings report.
As per CNBC, a Gallup Survey disclosed that nearly 50% of Americans are concerned about the security of their funds in banks.
The US banking crisis is starting to affect various regional banks, prompting a shift in market sentiment towards alternative safe-havens like gold and bitcoin.
As a result, BTC/USD is gaining momentum, with prices approaching the crucial $30K mark.
Additionally, the turbulence in the US banking sector that started two months ago has been quite advantageous for Bitcoin, as the cryptocurrency’s market share has experienced a significant surge during this time.
As per TradingView, Bitcoin’s dominance rate has risen from 42% to 49% since March, attaining its highest level in 22 months.
Bitcoin is currently displaying a slightly bearish trend, trading at $28,978, mostly unchanged, bouncing off 0.10%. The BTC/USD pair is capitalizing on its earlier daily gains, moving towards the $30K mark.
Bitcoin’s technical aspects remain stable, with BTC’s trading largely consistent with our price prediction.
On the four-hour chart, Bitcoin stays above the 50-day exponential moving average, providing crucial support of around $28,700.
This level has been a significant resistance for BTC throughout the week. Nonetheless, closing candles above $28,700 increases the chances of a bullish turnaround for BTC.
Bitcoin might find immediate support close to the 27,600 level, indicated by a trendline on the 4-hour chart.
If the price breaches this critical 27,600 level, BTC could be on its way to the next support level at 27,200.
Conversely, if BTC manages to break above the $29,600 mark, we may see its price heading north toward $30,400.
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