Bitcoin
Bitcoin Price Slips from the Key $30K Level Amid Profit-Taking by Investors
Bitcoin price has been showing signs of exhaustion for the past few days as focus shifts to US bank earnings. The digital asset has slipped below the important resistance level of $30,000. At press time, BTC was trading 0.95% higher at $29,700. Bitcoin’s total market cap has recorded a slight decline in the past 24 hours, while the total volume of the coin traded climbed by more than 12%.
BTC Is Pulling Back
Bitcoin price has been experiencing a minor pullback for the past few days as crypto investors shift their focus to Wall Street earnings and recession concerns. Heavyweights, including Goldman Sachs, Bank of America, and Morgan Stanley, are slated to publish their earnings this week. Most banks are expected to post strong results off the back of a rise in bank deposits in March. Major US banks such as JP Morgan Chase & Co have posted strong results for the first quarter.
Most cryptocurrencies are coming off a winning week in which prices were boosted by Ethereum’s successful Shapella upgrade and a decline in US inflation. Bitcoin and Ethereum gained 8% and 12%, respectively for the week.
According to analysts, the current selling pressure in cryptocurrencies is due to profit-taking by investors. Bitcoin has been changing hands at $29,500 over the past 24 hours. The lack of movement at the hands of whales suggests that the interest in stablecoins is currently low.
Even so, the premier digital currency remains the best-performing cryptocurrency so far in 2023, following an 80% climb in the year to date. Crypto investors are watching bank earnings in a bid to gauge the health of the sector and the possibility of a recession. Market participants will also be keenly watching the earnings of heavyweights such as Tesla and Netflix, in the wake of recent events.
Bitcoin Price Analysis
The daily chart shows that the Bitcoin price experienced a minor pullback earlier on Monday as the excitement from Ethereum’s recent upgrade wanes. Even so, BTC has remained above the 50-day and 100-day moving averages, as well as the 50-day and 200-day exponential moving averages. Its Relative Strength Index (RSI) has moved below the overbought zone, while the Moving Average Convergence Divergence (MACD) indicator hints at a “sell” signal.
Therefore, the Bitcoin price is likely to experience slight volatility in the ensuing sessions. Even so, I expect the BTC price to remain above the key level of $28,945.30. A flip of the important resistance level of $30,540 will have buyers targeting the next level at $33,116.
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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