According to CoinGecko's data, the current level of Bitcoin (BTC) prices around $29000 has increased by over 6.0% in the past 24 hours
According to CoinGecko's data, the current level of Bitcoin (BTC) prices around $29000 has increased by over 6.0% in the past 24 hours.
In fact, although it has fallen by about 4.5% compared to the 10 month high above $31000 hit earlier this month, Bitcoin has now rebounded by nearly 10% since testing its 50 day moving average in the $27000 area a few days ago.
With FirstRepublic once again under scrutiny (creating a safe haven demand for Bitcoin) and technology stocks soaring (positively correlated with Bitcoin), concerns about the banking crisis have returned to the forefront, with bulls preparing to hit the psychologically important $30000 level in prices in the Northern Hemisphere.
Macro fundamentals are not currently the only downside for Bitcoin.
Due to a strong rebound from the 50 day moving average; 2) Strongly rebounded from the 200 day moving average and achieved a price drop below $20000 in March; 3) The "golden cross" in early February continued to benefit from technology buying.
Some analysts pointed out on Twitter that Bitcoin seems to be following the rebound trend in 2019, when the cryptocurrency hit a low and continued to rise.
An analyst asked if we were about to seeBitcoinImpulse rebounded to $50000.
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Assuming that the BTC price does indeed rapidly rebound above $30000, as suggested by Bloomberg last week, the first major resistance area that traders will focus on will be in the $32500 to $33000 range. The pattern of high points in late May 2022 and low points in January 2022.
The next key level above this level is the February 2022 low of around $34000, followed by a 38.2% Fibonacci pullback from the 2022 low to the historical high of 2021, slightly below $36000, and then the old support area of around $37000.
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