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