© Reuters
Investing.com – After a bout of weakness on Monday night following rumors of an Interpol red notice issued against the Binance boss, the market rebounded on Tuesday, helped in particular by the refutation of the rumors by CZ.
The rest is well oriented on Wednesday morning, after a peak at $28,727. Recall that apart from refuting rumors about Binance and its boss, Bitcoin and risky assets in general have also benefited from the decline in Fed rate hike expectations.
Indeed, the JOLTS report on US job vacancies published yesterday disappointed, which helped to tilt market expectations towards a pause for the next Fed meeting on May 3rd. The Investing.com Fed Rate Barometer currently shows a likelihood of the Fed pausing rate hikes, climbing to 55.8% from 40% the previous day.
Turning to Wednesday, bitcoin traders will be interested in the impact of the ADP (EPA:) US employment report and the ISM manufacturing report on these expectations, knowing that if the probability of a break progresses further, Bitcoin should benefit.
Technical thresholds to watch on Bitcoin
From a technical point of view, the daily chart of BTC/USD still shows an uncertain underlying trend, between an upper limit at $29,170 (March 30 high) and a lower limit at $26,542 (March 27 low). ).
In case of new highs, nothing will stand in the way of a test of the major psychological threshold of $30,000. If, on the contrary, BTC/USD falls below the low of the current range, the next downside target will be the $25,000/25,200 zone, where the 50-day moving average currently stands.
Lower $24,000 and then the 100-day moving average at $22,820 will be the next potential supports for Bitcoin.