Bitcoin has had an eventful Q1, and heading into the second month of Q2, the trend seems to remain the same. Trading at $29,000, traders need to pay close attention to the “psychological” $30,000 level which could determine whether the momentum of Bitcoin’s upward trajectory can be sustained.
The USA vs BRICS war continues to rage on as the date of the eventual Operation Sandman looms – the long-awaited death of the dollar as the global reserve currency. Bitcoin has been riding on these and more rumors, but can it sustain the trend upwards? Let’s find out.
Previous Analysis
In the previous analysis, the 200-day EMA is a significant indicator when analyzing Bitcoin’s daily and weekly timeframes. On April 20, 2023, Bitcoin fell to a low of $28,005 and continues to decline. If the $28k support level fails, the next reliable support level would be around $24,000, representing an 11% decrease from the current price.
It is important to note that the 200-day EMA can act as support or resistance depending on the price’s position. Therefore, it could potentially support BTC around the $24,000 area. This implies that the narrative for a $24K BTC in the upcoming weeks is plausible. However, a negative fundamental development could trigger a sharp drop in Bitcoin’s value. It is advisable to conduct thorough research and analysis before making investment decisions and to diversify one’s portfolio to mitigate risk.
Bitcoin Price: Next Week Analysis
The price of Bitcoin is on a rebound after dropping from its psychological resistance at $31500. The price is still bullish, even though the resistance at 31000 seems strong enough to push the price down to its previous support level. However, the 200-day and 50-day moving averages also signal the price increases after the shortfall. The 50-day moving average also acts as a support for the Bitcoin price.
Next week’s analysis indicates that the price will return to support before the bulls push the price high above the resistance level, after which the price is expected to hit the $38000 resistance level.
Bitcoin Catalysts
Bitcoin’s value may reach $100,000 by the end of 2024. The collapse of some US banks has strengthened the argument for Bitcoin as a trustworthy and scarce digital asset. The report suggests that Bitcoin’s market share may increase from 45% to 50-60% in the coming months.
The price of Bitcoin (BTC) is trading at $29,686.55 at press time with a 24-hour trading volume of $30,095,687,457. In the last 24 hours, the price of Bitcoin has increased by 7.16%, and in the past 7 days, it has increased by 2.93%. With a circulating supply of 19 million BTC, its market cap is valued at $574,667,454,066.
DISCLAIMER: The work included in this article is based on current events, technical charts, company news releases, and the author’s opinions. It may contain errors, and you shouldn’t make any investment decisions based solely on what you read here.
Vincent Munene is a freelance writer and a great blockchain enthusiast. Blockchain has changed his life in terms of financial freedom and in return, he likes to educate people and keep them up to date on everything blockchain. He is a Biochemist by profession and also loves to play the piano.
