Bitcoin price has just rebounded from a low, sparking renewed optimism among investors and traders.
While the main cryptocurrency targets the $30,000 level againmarket participants wonder what will happen next.
Will this rebound mark the end of the downtrend or is it just a temporary reprieve before the next downturn?
This article will explore the factors that could influence Bitcoin’s price trajectory and provide predictions for its future movements.
US Banking Crisis Fuels Bitcoin Rise Towards $30,000 Level
Bitcoin’s recent surge began after the second major bank failure in the United Statesraising concerns for the entire banking sector.
Additionally, following the default of First Republic Bank, shares of PacWest Bancorp also fell significantly due to its disappointing first quarter results.
According to CNBC, a Gallup survey revealed that approximately 50% of Americans worry about the safety of their money in banks.
The banking crisis in the United States has started to affect several regional banks, further shifting market sentiment in favor of other safe havens like gold and bitcoin.
As a result, the BTC/USD pair is strengthening and prices are heading towards the key level of $30,000.
Additionally, the instability in the US banking sector that began two months ago has proven to be very beneficial for Bitcoin, as the cryptocurrency’s share of the broader market has risen sharply over this period. .
According to TradingView, Bitcoin’s dominance rate fell from 42% to 49% since March, hitting its highest level in 22 months.
Argentinian Central Bank Ban on Bitcoin Payments Hinders BTC’s Rise to $30,000
Friday, the Central Bank of Argentina has taken a tough stance against Bitcoinissuing a statement announcing that he is now prohibits payment platforms from offering the possibility of using cryptocurrencies like bitcoin.
The Bank cited the need to mitigate the risks associated with digital asset transfers as the main reason for the decision.
Several online payment companies, including Mercado Libre and Uala, which offer crypto trading to their customers, will no longer be able to provide Bitcoin purchase services.
The main objective is to protect clients against high volatility and the associated risks. This information from Argentina will undoubtedly impact the number of Bitcoin transactions in the region, and therefore, it will limit the progress of the BTC/USD pair, this Saturday.
The price of bitcoin
Bitcoin is currently trading at $29,400in increase of more than 0.8% over 24 hours. The BTC/USD pair consolidates its gains from the previous days and is heading towards the $30,000 threshold.
The technical aspects of Bitcoin remain consistent, as BTC exchanges mostly align with our Bitcoin price predictions.
On the four-hour chart, Bitcoin remains above the 50-day exponential moving averageacting as a crucial support level around $28,700.
This level served as a significant resistance for BTC throughout this week. Nevertheless, candle close above $28,700 raises chances of BTC bullish bounce.
Bitcoin could find immediate support near the 27,600 level, indicated by a trendline on the 4-hours chart.
On the downside, if price breaks that critical level of 27,600, BTC could be on its way to a next support level at 27,200.
Conversely, if BTC manages to break through the $29,600 markwe could see its price pointing towards $30,400or higher early next week.
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Disclaimer: This linked article presents the views of crypto industry players and is not part of the editorial content of Cryptonews.com.
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