Bitcoin tests the high of 28868 and forms a correction, thereby presumably defining local resistance to the uptrend. The coin is in consolidation and let's try to figure out what to expect next
Geopolitical uncertainty and the ongoing banking crisis are factors contributing to Bitcoin's growing appeal as an alternative investment. The flagship cryptocurrency is increasingly separated from traditional financial markets, making it an attractive hedge against potential future crises.
In times of global banking panic and financial turmoil, Bitcoin offers a level of security and control as people can keep the asset in their hardware wallets.
The Fed's rate hike and a number of other economic fundamentals have had a bullish effect on the price, as the potential for global factors in the global economy affect BTC more strongly.
Also what is worth paying attention to:
-Historically, there is a positive correlation between changes in M2 money supply growth in the U.S. and the bitcoin exchange rate (most likely the reason for this is inflows into BTC due to the banking crisis)
-CNBC writes that crypto industry insiders remain bullish on BTC
-A new "supercycle" may be starting in BTC . Cryptocurrency now behaves stronger than many commodities and gold - Bloomberg Intelligence chief strategist
-Tether has printed another 1 billion.
In times of global banking panic and financial turmoil, Bitcoin offers a level of security and control as people can keep the asset in their hardware wallets.
The Fed's rate hike and a number of other economic fundamentals have had a bullish effect on the price, as the potential for global factors in the global economy affect BTC more strongly.
Also what is worth paying attention to:
-Historically, there is a positive correlation between changes in M2 money supply growth in the U.S. and the bitcoin exchange rate (most likely the reason for this is inflows into BTC due to the banking crisis)
-CNBC writes that crypto industry insiders remain bullish on BTC
-A new "supercycle" may be starting in BTC . Cryptocurrency now behaves stronger than many commodities and gold - Bloomberg Intelligence chief strategist
-Tether has printed another 1 billion.
In terms of technical analysis we have the following situation:
Bitcoin is most likely in an upward price channel . The price is testing the resistance of the uptrend range(confirms it)
The tested level of 28654 is currently a strong resistance area , which may stop the price growth for some time.
On the local chart, an upward triangle is forming (horizontal resistance 28390 and an upward support line starting in mid-January). Price is in consolidation within this range. A breakout of the support could drop the price to the liquidity zone of 24800-25000. But a breakout of the triangle resistance would send price to the retest of the 30000 and 31460 (liquidity zone)
Moving averages are acting as support
Currently, bitcoin is approaching the Fibo level of 0.236 (26700) - this level may affect the price ( bullish ), the next one is 0.382 at 25347, it is not considered at the moment)
Short-term outlook - consolidation, or technical rollback to the middle of the range, but medium and long-term outlook looks bullish: 30000, 31460, 35000, 40000
Bitcoin is most likely in an upward price channel . The price is testing the resistance of the uptrend range(confirms it)
The tested level of 28654 is currently a strong resistance area , which may stop the price growth for some time.
On the local chart, an upward triangle is forming (horizontal resistance 28390 and an upward support line starting in mid-January). Price is in consolidation within this range. A breakout of the support could drop the price to the liquidity zone of 24800-25000. But a breakout of the triangle resistance would send price to the retest of the 30000 and 31460 (liquidity zone)
Moving averages are acting as support
Currently, bitcoin is approaching the Fibo level of 0.236 (26700) - this level may affect the price ( bullish ), the next one is 0.382 at 25347, it is not considered at the moment)
Short-term outlook - consolidation, or technical rollback to the middle of the range, but medium and long-term outlook looks bullish: 30000, 31460, 35000, 40000
