© Reuters
Investing.com – For the past 10 days, the price has been trending uncertainly, although the cryptocurrency marked a yearly high of $28,813 during this period.
The has indeed benefited from several factors between March 11 and its recent peaks in 2023, with the decline in expectations of a Fed rate hike, and with the banking crisis which led to a crisis of confidence which reminded investors that cryptocurrencies were created to deal with this kind of turmoil, and replace traditional finance.
However, the news of the past week, with a banking crisis subsiding, and the Fed reassuring that it will not cut rates this year, casts doubt on Bitcoin’s ability to continue its rise.
This week, investors’ attention, whether in the cryptocurrency market or elsewhere, will remain focused on the banking crisis and expectations for upcoming FOMC decisions. Judging by recent reactions from cryptocurrencies, further concerns about banks could help the price of BTC to rise.
As for Fed policy, the PCE price index is expected on Friday, reputedly the central bank’s favorite inflation measure. Better-than-expected figures could revive expectations of a rate hike, especially in the absence of new unpleasant surprises about the banks.
Technical thresholds to watch on Bitcoin
From a technical point of view, Bitcoin still shows a positive profile in daily data. As for important thresholds, last week’s high near $28,800 and the round threshold of $29,000 form the first resistance worthy of attention.
Beyond that, the major threshold of $30,000 will be the next natural target. If on the contrary the BTC/USD weakens, it is the threshold of $26,500 which will be the first important support, before the zone of $25,000, under which the daily uptrend will begin to be called into question.