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Investing.com – After more than 10 days of consolidation and hesitation around the $28,000 threshold, Bitcoin is finally showing significant movement, testing the $29,000 threshold at the time of writing around 4:45 a.m. CET.
The news, however, does not seem to provide any clear catalysts to explain the rise of the cryptocurrency.
The good performance of BTC is also all the more remarkable in that it comes following information that is not very encouraging for the cryptocurrency industry, while Wednesday’s news was marked by the fact that the Commodity Futures Trading Commission ( CFTC) filed a lawsuit against Binance, accusing the exchange giant of offering unregistered cryptocurrency derivatives, among other allegations.
“The market has reacted positively despite the CFTC story, primarily because the broader narrative of a return to quantitative tightening (QE) and fiat money printing remains dominant,” said Joe DiPasquale, CEO of the crypto asset manager BitBull Capital, according to CoinDesk.
In this regard, it should be noted that data from the PCE household spending price index due tomorrow will be the next event likely to influence market expectations for the next Fed meeting.
Important Technical Thresholds for Bitcoin
From a chart perspective, Bitcoin will need to manage to hold above the previous high’s threshold around $28,800 to maintain positive momentum.
On the other hand, there is no obstacle in its path before $30,000, and this major psychological threshold could therefore be tested at any time.
Finally, in the event of a correction below $28,800, the thresholds of $28,000, $27,000 and $26,500 will be the first supports to be taken into account on the .