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Market News BTC Bulls Set on a Return to $30,000 as Fed-Fueled Recession Bets Rise

BTC Bulls Set on a Return to $30,000 as Fed-Fueled Recession Bets Rise

BTC is back in motion after a Monday breakout session that brought $30,000 within touching distance. Fears of the recession and geopolitics are tailwinds.

Jimmy Khan
2023-04-11
9830

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Bitcoin (BTC) gained 4.57% on Monday. BTC finished the day at $29,613 after gaining 1.50% on Sunday. For the first time since June 2022, BTC managed to hold onto the $29,000 handle.


BTC dropped to a low of $28,136 in the early afternoon after a gloomy morning. After avoiding the First Major Support Level (S1) at $27,884, Bitcoin (BTC) climbed to a high of $29,724 in the dying minutes. Before falling back through the Third Major Resistance Level (R3) at $29,711 to conclude the session at $29,613, BTC broke through the Major Resistance Levels.

Support is provided by Coinbase and geopolitics

With US investors returning from their Easter vacation, the week started off busy. Two consecutive BTC breakouts on Monday were probably caused by a number of different variables.


Brian Armstrong, the CEO and co-founder of Coinbase (COIN), spoke about incorporating the Bitcoin Lightening Network over the weekend. "Lightening is great and something we'll integrate," the CEO of Coinbase remarked.


Investors kept reacting favorably to the good news. However, the breakout session was likely influenced by US-China relations and resurgent recessionary anxieties.

The Coming Day

On the US economic calendar, it is another another quiet day. During the afternoon session, there are no US economic figures for investors to analyze. The US regulatory and legislative process will continue to be influenced by a lack of statistics.


Prior to tomorrow's US CPI Report, investors should take into account Fed chitchat as it may change the dial. The markets are expecting an interest rate increase of 25 basis points, which might result in a harsh landing. A US recession might worsen the banking industry's liquidity problems and increase demand for BTC as a safe haven asset.


Direction will be given by developments in the current SEC v. Ripple lawsuit and news about Binance and Coinbase.

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