BTCUSD - After plummeting to $19,700 last week, Flagship found support at its 200-day moving average, in the same area where the support level from 2017 passes. This area helped the flagship recover and overcome the previous resistance level of $25,200.
RLinda ! BTCUSD->Crash, Retest 0.5 Fibo and Powell's performance
After a month of fluctuations, bitcoin is now in an uptrend, trading at $27,400. The 200-day moving average provides strong support, suggesting that BTC could reach new yearly highs and approach the $28,800, $30,000, $32,000 and $34,000 levels.
Bitcoin's market capitalization is up $194 billion in 2023. Its 66% year-to-date growth has far outpaced Wall Street's leading bank stocks. In addition, bitcoin separated from U.S. stocks for the first time in a year, its price up about 65% compared to the S&P 500's 2.5% rise in 2023.
The banking crisis in the U.S., which then spread to Europe, had a negative impact on bitcoin price dynamics late last week, when the asset's price fell below $20,000 for the first time in two months. However, as the new week began, the situation began to change. The cryptocurrency asset is breaking through a strong resistance zone , increasing its capitalization and renewing 10-month highs.
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From a technical analysis perspective: Bitcoin is breaking through and entering a new range, so to speak: "kicking a door down". Strong momentum is forming towards liquidity density and testing the Fibo level of 1.618 at $28793. There is a possibility of a small pullback from this area, but in the medium term the upside potential to 30000 and 34000 may persist