Bitcoin
Bitcoin Price Forecast Ahead of Macroeconomic Data Releases This Week
Bitcoin price has been consolidating for the past few weeks, trading between $29,000 and $26,500. Bitcoin, the largest cryptocurrency by market cap, displayed a stellar performance in the first quarter of 2023, climbing more than 71% in the year to date. Even so, BTC seems to be stalling in the $28,000 level, slightly below its 10-month high.
Fundamentals
Bitcoin price has been range-bound for the past few weeks as it remains clueless about the next directional move. BTC’s total market cap climbed by 1.48% in the past day to $548 billion, while the total volume of the digital asset traded in the same period jumped by more than 26%.
The global crypto market was flashing green earlier on Monday after the long weekend ahead of the US key inflation data. Statistics by Coinmarketcap show that the global crypto market cap has increased by 1.10% over the last day to $1.19 trillion, while the total crypto market volume increased by 4.77%. Bitcoin’s dominance has also inched higher in the past 24 hours.
US Treasury yields slipped after data released last week hinted at a slowdown in job growth. The yield on the benchmark 10-year Treasury note dipped to 3.381%, while the 30-year Treasury bond declined to 3.581%. Data released by the Labor Department last week showed that nonfarm payrolls increased by 236,000 in March, falling in line with market expectations, but down from 326,000 new hires in February.
Markets have now shifted their focus to the US Consumer Price Index (CPI) data due on Wednesday. Analysts forecast a decline in the inflation rate for March. The Federal Open Market Committee (FOMC) will release minutes from its latest monetary policy meeting on the same day. Markets are weighing the prospects of further monetary policy tightening and a potential US recession off the back of the recent banking crisis.
Bitcoin Price Outlook
Bitcoin price has been highly consolidating for the past few weeks, trading between its 10-month high at $29,184 and $26,500. At press time, BTC was trading at $28,329.35, following an intraday high of $28,425.83.
The coin has managed to maintain its position above the 25-day and 50-day moving averages, as well as the 50-day and 200-day exponential moving averages. Its Relative Strength Index (RSI) is currently at 61, while the Moving Average Convergence Divergence (MACD) indicator remains bearish.
Therefore, I expect the Bitcoin price to continue trading between the tight range of $29,000 and $27,520 in the short term as it struggles to find direction. A move past the resistance at $28,945.30 will have buyers eyeing the $30,000 level. However, a flip below the crucial support level at $26,500 will invalidate the bullish view.
BTC Price Chart
Bitcoin price was trading higher on Tuesday, building on gains made in the previous trading session. At the time of writing, Bitcoin was trading 1.04% at $27,129.92 after clearing the crucial $27,000 level. The coin’s market cap has risen higher to $526 billion over the last day, while its total volume edged higher.
Macroeconomic Concerns
Data by Coinmarketcap shows that the global crypto market cap has increased by more than 1% over the last day to $1.13 trillion, while the total crypto volume jumped 20% over the same period. Bitcoin’s dominance also increased over the day.
Bitcoin’s price was gaining on Tuesday on the back of greenlight of some retail crypto trading by Hong Kong. Hong Kong’s Securities and Futures Commission announced on Monday that it would allow retail traders to trade certain crypto assets beginning June 1 on registered platforms. Markets widely anticipated the move amid Hong Kong’s broader efforts to become a global crypto hub.
Even so, Hong Kong’s new guidelines are in sharp contrast with China’s ban on crypto trading in 2021, as well as the continued US regulatory crackdown on cryptocurrencies since the fall of crypto exchange FTX. The Securities and Futures Commission of Hong Kong (SFC) has already licensed two digital asset platforms, Hash Blockchain and OSL.
Despite Hong Kong’s move to support crypto assets, concerns about the Federal Reserve’s monetary policy outlook have continued to weigh on markets…
Bitcoin price was headed for its worst week since November 2022 on Friday as volatility, buoyed by low liquidity continued to outweigh crypto markets. Bitcoin has dropped below the crucial support level of $26,500, changing hands at this level. The asset’s price has dipped by more than 11% in the past week, while its total market cap inched lower to $516 billion.
Fundamentals
Bitcoin price has been on a downward trend for seven consecutive days amid congestion in the network’s system and the regulatory crackdown on cryptocurrencies. The digital coin has been struggling to gain bullish momentum for the past few days. Bitcoin is currently up by 60.54% in the year to date, but its prices have remained volatile.
The crypto market has been battling low liquidity, regulatory crackdown, and macroeconomic concerns. Data by Coinmarketcap shows that the global crypto market cap has slipped to $1.11 trillion, down from $1.27 trillion earlier in March. Bitcoin’s dominance has also inched lower in the past few days.
The regulatory crackdown on cryptocurrencies has ramped up since the fall of crypto exchange FTX. Ripple Labs has been in a lawsuit against the US Securities and Exchange Commission (SEC) over the last year over concerns about its native coin XRP. Additionally, SEC recently warned Coinbase over potential securities law violations. Binance, the largest cryptocurrency exchange platform, was recently accused of violating trading rules by the Commodity Futures and…
Bitcoin price has been on a downward trajectory for five consecutive days on the back of network congestion on the asset’s blockchain. The asset has been changing hands at $27,600 for the past few days. Bitcoin’s total market cap has crashed to $533 billion, while its total volume inched lower. BTC has dropped by nearly 9% in the past five days and 3.90% in the past week.
Fundamentals
Bitcoin price has been in a five-day freefall, dropping below the crucial level of $28,000 as the coin’s network works through congestion. Bitcoin, the largest cryptocurrency by market cap, as well as Ethereum, has been struggling to gain bullish momentum for the past few days. Ethereum, the largest altcoin by market cap, has dropped below the important $1.9K level.
Binance, the largest cryptocurrency exchange, moved over $4 billion worth of Bitcoin earlier this week to its crypto wallets. This high volume of transactions resulted in congestion on Bitcoin’s blockchain, prompting Binance to halt Bitcoin withdrawals on its platform twice in 24 hours. Additionally, the congestion also saw transaction fees jump to their highest level in six years. Binance announced that it would work to enable the Bitcoin Lightning Network which will help in such situations in the future.
Focus has now shifted to the US Consumer Price Index (CPI) data slated to be published later on Wednesday. The reading is expected to show that the monthly…
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