empty
30.03.2023 12:25 PM
Bitcoin once again unsuccessfully tested the $29k level: is the asset going to decline?

The local consolidation of the main cryptocurrency in the $26.6k–$29k range continues. Over the past day, Bitcoin made a bullish spurt and stabbed the $29.1k level. At the same time, the cryptocurrency failed to gain a foothold inside the resistance zone.

The coming days may become decisive for the further movement of the price. On the one hand, Bitcoin retested the upper border of the area, and failed to gain a foothold inside it, which indicates further movement of the asset to the lower border of the channel.

This image is no longer relevant

On the other hand, the events on Friday may have a favorable impact on the short-term fate of Bitcoin. In any case, there are enough fundamental factors in the market that can lead to the growth of cryptocurrency.

Banking Crisis = Crypto Rally?

The Fed's balance sheets have grown by $400 billion over the past week and continue to grow as part of the emergency lending program. According to data from various sources, the regulator plans to inject $2 trillion into the economy.

This image is no longer relevant

The chief strategist at Bloomberg Intelligence believes the banking crisis will trigger a bullish rally in cryptocurrencies by over-saturating the economy with money. We are already seeing a massive outflow of funds from banks and a gradual rise in Bitcoin capitalization.

This image is no longer relevant

At the same time, the Fed is not going to end its quantitative easing program, nor is it abandoning further rate hikes, according to BlackRock. However, as of the end of March, for the first time since 2021, U.S. companies began to mention layoffs rather than shortages of employees more frequently.

This image is no longer relevant

This is an indirect signal of a cooling labor market, which has remained strong throughout the months of hawkish Fed policy. Tomorrow's events, namely the release of labor market and GDP reports, could significantly affect the regulator's decision to raise rates in the medium term.

Is Bitcoin preparing to sink to the bottom?

After a brief consolidation triggered by Bitcoin's rebound from the bottom, the cryptocurrency resumed its upward movement and reached the upper boundary of the $26.6k–$29.1k channel. The asset failed to make a bullish breakout of this boundary, and it is very likely that BTC will go for a retest of the lower boundary of the range.

This image is no longer relevant

Note that over the past few weeks, a trend has formed in which the downward movement of the BTC price is enhanced by rising volumes. It is likely that we will see a similar trend when the price of the cryptocurrency moves to the lower boundary of the range.

That said, tomorrow's U.S. labor market and GDP statistics will be decisive in determining the future dynamics of Bitcoin's price movement. As of March 30, the cryptocurrency is showing more downside signals next week.

This image is no longer relevant

On the daily chart, we see a weakening of the bullish trend, which allowed BTC to touch the $29.1k level. Stochastic and the RSI index acquired a flat direction after a local upward momentum. The MACD indicator completes the formation of a bearish intersection, which indicates a growing bearish sentiment.

Results

Tomorrow's macroeconomic statistics will set the final point in the short-term prospects of Bitcoin. Bearish and profit-taking sentiments begin to prevail in the BTC market. The $29.1k–$31.5k resistance zone remains unassailable with current bullish volumes.

Seleccione el marco de tiempo
5
min
15
min
30
min
1
hora
4
horas
1
día
1
s.
Gana con los cambios en el valor de las criptomonedas con InstaForex.
Descarga MetaTrader 4 y abre tu primera operación.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    UNIRSE AL CONCURSO

Recommended Stories

Análisis del par BTC/USD. El 4 de junio. El Bitcoin podría finalizar su crecimiento

El conteo de ondas en el gráfico de 4 horas para el instrumento BTC/USD se ha complicado. Observamos una estructura correctiva bajista que finalizó su formación alrededor del nivel

Chin Zhao 07:42 2025-06-04 UTC+2

Recomendaciones para operar con el Bitcoin el 4 de junio según el sistema ICT

El Bitcoin finalmente comenzó una corrección bajista después de la retirada de liquidez desde su último ATH. La retirada de liquidez desde el último ATH puede significar no solo

Paolo Greco 07:42 2025-06-04 UTC+2

Recomendaciones para operar con el Bitcoin el 3 de junio según el sistema ICT.

El Bitcoin finalmente comenzó una corrección bajista después de retirar liquidez de su último ATH. La retirada de liquidez del último ATH puede significar no solo un retroceso, sino

Paolo Greco 07:22 2025-06-03 UTC+2

Las perspectivas técnicas de crecimiento de el Bitcoin son bastante buenas

El Bitcoin tocó fondo en la zona de los $104 000 y en los primeros días de junio se negocia a un precio cercano a los $104 500. Es evidente

Jakub Novak 13:27 2025-06-02 UTC+2

Recomendaciones para operar con el Bitcoin el 30 de mayo según el sistema ICT

El Bitcoin con mucho esfuerzo ha comenzado a corregirse, tras la retirada de liquidez de su último ATH. Durante casi una semana la criptomoneda se mantuvo en el mismo lugar

Paolo Greco 07:40 2025-05-30 UTC+2

Recomendaciones para operar en el mercado de criptomonedas para el 29 de mayo

El Bitcoin comienza una corrección, mientras que el Ether continúa mostrando señales de fortaleza. La caída de ayer del Bitcoin hacia el área de los $107 000 con un buen

Miroslaw Bawulski 11:00 2025-05-29 UTC+2

Recomendaciones para operar con el Bitcoin el 29 de mayo según el sistema ICT

El Bitcoin continúa con un crecimiento inusualmente no técnico y anómalo sin ninguna corrección ni retroceso. En los últimos días la situación técnica prácticamente no ha cambiado y la volatilidad

Paolo Greco 08:17 2025-05-29 UTC+2

Recomendaciones para operar con el Bitcoin el 28 de mayo según el sistema ICT

El Bitcoin mantiene un crecimiento anómalo, excepcionalmente no técnico, sin una sola corrección o retroceso. En los últimos días, el panorama técnico apenas ha cambiado y la volatilidad es bastante

Paolo Greco 08:06 2025-05-28 UTC+2

Análisis del par BTC/USD. El 27 de mayo. El pump del Bitcoin continuará

El conteo de ondas en el gráfico de 4 horas para el instrumento BTC/USD se ha complicado. Hemos observado una estructura correctiva descendente que concluyó alrededor del nivel

Chin Zhao 07:28 2025-05-27 UTC+2

Recomendaciones para operar con el Bitcoin el 27 de mayo según el sistema ICT

El Bitcoin continúa un crecimiento excepcionalmente no técnico y anómalo sin ninguna corrección ni retroceso. En los últimos días, el panorama técnico apenas ha cambiado, y la volatilidad es relativamente

Paolo Greco 07:28 2025-05-27 UTC+2
¿No puede hablar ahora mismo?
Ingrese su pregunta en el chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.