Bitcoin has been struggling to break above $29,000 in the recent past. In the past two weeks, BTC has tried to break this level twice. It has touched this level but wasn’t able to sustain above the price.
Many fundamental events including “de-dollarization” are driving Bitcoin’s price. Can BTC break above $30k on its third try? Let’s dive in.
Previous Analysis
Last week, the markets witnessed the effect of the banking system falling. While other banks are still falling on the verge of falling , global elites have managed to shift the news towards the agenda of “de-dollarization”.
Bitcoin had reached $28,000 and found resistance at that level. From there, Bitcoin could have retraced back to the upper trend line of the rising wedge at around $27,000 or back to the top of the range at about $25,200.
If it had broken above $28,000, Bitcoin would have risen to $33,000, which also happened to be the next resistance.
Bitcoin Price Next Week
$26,000 has become a psychological support for Bitcoin on its move higher. While $29k remains an adamant resistance. As we enter into April, the market expects the Ripple lawsuit to be finalized and a ruling to be made today. It was the general opinion of many that March would be the end of the two-year long court battle.
Apart from that, Bitcoin still remains trending above the 200-day and 50-day moving averages. Immediately after the golden cross, Bitcoin confirmed the bottom was in and began moving higher. For long term holders, buying anywhere between $15k and $24k was buying the bottom.
If you missed that, then securing your position before BTC breaks $30k is your next bet. If bulls pull their weight, the next targets are $32,000 (target 1) and $38,000 (target 2).
Bullish Catalyst
For decades, the US dollar has served as the backbone of the global economy and has been a safe haven for international investors during times of crisis. In fact, several countries, such as El Salvador, Panama, and Ecuador, even use the US dollar as an official currency.
However, since 2014, there has been a significant shift in the international arena. Russia and China have begun to challenge the longstanding dominance of the US dollar and have expressed a desire to reduce their reliance on it for international trade and investment. This trend is commonly referred to as “De-Dollarization.”
USD losing its status as a global reserve currency and the banks failing are some of the greatest catalysts for BTC pumping.
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.
