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Investing.com – The rose again on Friday, hitting a high of $29,380, the highest since June 10, 2022, but as had been the case in previous days, the rally was brief and soon met with a barrage of sellers, which took the crypto back below $28,000 this Saturday morning.
However, the maintains a generally positive graphic profile which does not exclude a continuation of the rise, if the news refrains from providing him with reasons to fall.
A Busy Week for a Mixed Impact on Bitcoin
Regarding the most recent important events for Bitcoin, it will be recalled that the Fed announced on Wednesday evening a new rate hike of 0.25%, and warned that rates will not be lowered this year, which had an impact bearish on cryptocurrency.
On the other hand, the banking sector was also once again in the spotlight this week, with concerns remaining high regarding financial institutions in Europe and the US.
In particular, the action of the Deutsche Bank (ETR:) plunged more than 8.5% on Friday, dragging the entire European banking sector down with it. However, concerns about the solvency of banks and the viability of the financial system in general highlight the advantages of decentralized cryptocurrencies such as Bitcoin.
The week was also marked by a “President’s Economic Report” published by the White House, which found that the design of crypto-assets “often reflects an ignorance of basic economic principles that have been learned in economics and finance. over the centuries, and this inadequate design is often detrimental to consumers and investors”.
Also on the threat of regulators on cryptocurrencies, it should also be noted that the SEC issued a Wells v. Coinbase (NASDAQ:) notice, advising it of likely imminent lawsuits for violations of securities law.
In other words, the pressure from regulators is increasing further, which is negative for cryptocurrencies, including BTC.
In summary, the news this week was mixed, with positive cryptocurrency events opposing bearish factors, which explains Bitcoin’s lack of a clear trend.
BTC/USD locked in a $26,600 – $29,400 range
From a technical analysis perspective, Bitcoin maintains an overall bullish profile in daily data despite the hesitations of the past few days, as seen in the image below:
As for important thresholds, BTC/USD faces potential resistance at $28,000, then $29,000, and yesterday’s high at $29,380, and finally the key psychological threshold of $30,000.
If, on the contrary, Bitcoin weakens over the weekend, the first significant support will be the area around $26,500. A break below this threshold would weaken the positive bias. Then, the next chart support will be the $25,000 threshold, an area below which the uptrend would be invalidated.