Bitcoin (BTC) Recovers, But Will Upside Momentum Continue? Analyst Shares Take

Commenting on the current Bitcoin price strides, popular on-chain analyst Rekt Capital said the top cryptocurrency may be forming an “exaggerated” bullish divergence on the daily RSI.

advertisement

He believes that despite the enthusiasm for growth, investors will be better off to understand that the key resistance for Bitcoin to breach is pegged at $27,600. With Bitcoin price notably below this highlighted resistance point, the assumption that the crypto has broken free from its major instability appears to be a fallacy in this instance.

Bitcoin remains the major marker for other altcoins and with the sheer skepticism lent into the price outlook of the asset, we cannot categorically state that other altcoins are also on their path to recording major price runs. 

Bitcoin Recovery: The US Economy Factor

There have been a lot of factors weighing down the growth push of Bitcoin over the past few weeks and one of the latest is the impact of the possible Debt Default by the US Government. The general uncertainty in the negotiations as key leaders involved in the discussions have been playing the blame game has pushed some investors to steer clear of risk assets like Bitcoin.

Recommended Articles
ethereum price crypto news
Crypto Telegram Channels List 2023 [Updated]
Must Read
ethereum price crypto news
Crypto Presale Projects For 2023 To Invest; Updated List
Must Read
ethereum price crypto news
Top 10 Cloud Mining Sites To Mine In 2023 , Here’s The List !
Must Read
ethereum price crypto news
Top Crypto Marketing Firms / Agencies 2023; Here’s Best Picks [Updated]
Must Read
ethereum price crypto news
Top 10 Web3 Games To Explore In 2023; Here List
Must Read

President Joe Biden has emphasized that a successful debt deal is one that will in no way protect crypto traders, which imply that there may be a yet-to-be-revealed downside for investors in the nascent industry. This is considered a red flag that has the potential of also keeping some investors away from the injecting capital into the industry.

Crypto traders need to get clarity to most of these uncertainties in order to plan their investments for the long term. In the meantime, BTC price may be hovering around the major support at $25,000 and the resistance level around the $27,600 identified by Rekt Capital.

Comments

Post a Comment

Popular posts from this blog

Has a 1% tax on Bitcoin holders been proposed by a U.S. Senator?

In the morning of Monday, April 22, Dennis Porter, the CEO, and co-founder of the Satoshi Action Fund, caused a stir on X as he shared a supposed letter sent by Senator Elizabeth Warren to President Biden. The letter detailed a proposed piece of legislation titled the ‘ Cryptocurrency Reporting and Wealth Tax Act ’ and urged its implementation. In the document, Senator Warren highlighted that digital assets present both opportunities and challenges but focused on the problems of taxing digital assets and enforcing existent rules in the crypto market. Picks for you 3 must-buy cryptocurrencies under $1 for this week 46 mins ago Losing faith in fiat? Central banks' gold accumulation hits historic level 1 hour ago Cronos unveils its Spring Odyssey campaign powered by Galxe 3 hours ago Google Gemini predicts Gold price for the end of 2024 3 hours ago As a result, the proposed act would introduce requirements for any individual or entity holdin
Read more

Ethereum’s Rocky Road To $4,000: Will SEC Hurdles Derail Its Bullish Journey?

Image
Ethereum (ETH) stands at a crucial juncture, with its eyes set on the $4,000 price mark. Amid this ambitious pursuit, the digital asset faces a significant challenge that could influence its trajectory: scrutiny from the US Securities and Exchange Commission (SEC). Despite this potential regulatory hurdle, some analysts remain optimistic about Ethereum’s prospects. A detailed Analysis by Captain Faibik, a market watcher, highlighted a bullish pattern in ETH’s four-hour candlestick chart, suggesting that the $4,000 threshold is within reach. Related Reading: Market Alert: Ethereum Faces Potential Downfall As Dencun Upgrade Looms – Here’s Why Ethereum Eyes $4,000 Milestone This optimism stems from a descending wedge pattern observed by Faibik, indicating an end to Ethereum’s consolidation phase and signaling a possible price breakout. The technical Analysis paints a promising picture for Ethereum, suggesting that the asset could reclaim its lost valuati
Read more

Binance CEO CZ Responds to Allegations of Dumping BTC/BNB

Image
CZ Response On Selling BTC In response to a tweet by Skew, CZ vehemently denied the claims of selling BTC. Through his official Twitter account, CZ (@ CZ _ Binance ) stated, advertisement “Binance has not sold BTC or BNB. We even still have a bag of FTT.” He further expressed astonishment at the notion that one can determine specific sellers based solely on a price chart involving millions of traders, dismissing it as FUD (Fear, Uncertainty, and Doubt). Skew claimed that BTC was being sold off for USDT reserves, which were then aggressively used to pump into BNB since May 27th. Additionally, BNB was allegedly sold off for BUSD to suppress volatility in BTC, and BUSD was further pumped into BTC to suppress downside volatility, allowing for BTC to be swapped out for USDT. Recommended Articles Crypto Presale Projects For 2023 To Invest; Updated List
Read more