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Bitcoin Price Slips from the Key $30K Level Amid Profit-Taking by Investors

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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

Bitcoin Price Dumps Below $41,000 Amid Uncertainty

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Bitcoin price dumped hard on Monday, briefly slipping below $41,000, erasing gains recorded in the previous week. The premier cryptocurrency seems to have exhausted its recent rally propelled by industry vulnerabilities. At the time of writing, the world’s largest cryptocurrency was trading slightly lower at $41,385. Bitcoin’s total market cap has dipped by 2% over the past day, while the total volume of BTC tokens traded over the same period climbed by 58%.

Fundamentals

Bitcoin price has been facing retracements and a rollercoaster over the past few days after recently rocketing to a 20-month peak. On-chain data has suggested that many investors used the opportunity to take some profits, leading to a decline in the asset’s price.

Bitcoin’s price slump is mirrored in the wider crypto market, with the global crypto market cap decreasing by 1.85% over the past 24 hours to $1.55 trillion. The total crypto market volume has increased by 32% over the same period. The Crypto Fear and Greed Index has plunged from a level of extreme greed to a greed level of 70, suggesting a decline in risk appetite.

Ethereum, the largest altcoin by market capitalization, is currently trading at $2,167, down almost 3% for the day. Meme coins have been hit hard by the market slump, with Dogecoin and Shiba Inu down by more than 4% over the last day.

Last week on Thursday, cryptocurrency experts took notice of…

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Bitcoin Price is in Consolidation Mode Despite Market Optimism Post-Fed Decision

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Bitcoin price edged lower on Thursday despite optimism in wider markets on the back of the Fed’s interest rate decision. The flagship cryptocurrency has been consolidating above the critical level of $42,000 after briefly topping $44,000, its highest level in 20 months. Bitcoin was trading 0.71% lower at $42,569 at press time. BTC’s total market cap has increased by more than 3% over the last day to $832 billion, while the total volume of the asset traded over the same period jumped by 22%.

Economic Outlook

Bitcoin price has been trading sideways over the past few days, suggesting a pause in its recent rally towards $45,000. The premier cryptocurrency has decreased by 4% in the past week but remains 15.22% higher in the month to date. The digital asset has staged a significant recovery this year after a torrid 2022 in which a string of scandals, including the collapse of FTX, led to a market meltdown, undermining the credibility of the sector.

The crypto market has been buoyed by the Fed’s latest interest rate decision. The US Federal Reserve on Wednesday held its key interest rate unchanged for the third consecutive time, in line with market expectations. With the easing of the inflation rate, members of the Federal Open Market Committee (FOMC) voted to keep the benchmark overnight borrowing rate in a targeted range between 5.25%-5.5%.

Additionally, the central bank indicated that three rate…

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Bitcoin Price Blasts $44K in Spectacular Surge as Spot Bitcoin ETF Approval Looms Large

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Bitcoin price has been hovering above the $43,000 psychological level over the past two days amid anticipation about the potential approval of a spot bitcoin ETF. The flagship cryptocurrency has climbed more than 16% in the past week and nearly 170% in the year to date. Bitcoin’s total market cap has increased by nearly 5% over the past 24 hours to $858.9 billion, while the total volume of the token traded rose by 43%. The Bitcoin price was trading at $43,914 at press time.

Fundamentals

Bitcoin price has posted significant gains over the past few days, climbing to its highest level since April 2022, before the crash of a stablecoin that started a litany of company failures, pummeling crypto prices. The world’s largest cryptocurrency briefly topped the crucial level of $44,000 on Wednesday amid rising momentum despite being massively overbought.

According to analysts, with no spot bitcoin ETF approvals yet and the halving event five to six months away, the market is riding on FOMO. Capital has been flowing in the Bitcoin market amid enthusiasm that the launches of spot ETF will bring in billions of dollars of new investment into the crypto sector.

Investors have already started providing capital as seed money for ETF products. Notably, a recent report by CoinDesk showed that the world’s largest fund manager, BlackRock, received $100,000 in capital from a seed investor for its spot bitcoin exchange-traded fund…

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