BTC Bulls to Target $30,000 on Renewed US Banking Sector Woes

Bitcoin (BTC) increased by 2.91% on Tuesday. BTC finished the day at $28,324, reversing a loss of 0.33% from Monday.

After a negative morning, BTC dropped to a low of $27,210 in the middle of the day. BTC increased to a late high of $28,394 while avoiding the First Major Support Level (S1) at $26,998. The session ended with BTC at $28,324, having overcome the First Major Resistance Level (R1) at $28,027.

Fears of a recession are muted by weak US corporate earnings and the bank sector.

Tuesday was a hectic day since business results and US economic indices were in the spotlight. Consumer confidence indicators sounded the recession alarm on Wednesday after poor industrial sector readings on Tuesday.

In April, the CB Consumer Confidence Index decreased from 104.2 to 101.3 vs an expected value of 104.0. The Present Situation Index increased from 148.9 to 151.1 in April while the Expectations Index decreased from 74.0 to 68.1.

The Expectations Index was notable for remaining below 80, indicating a recession within the year. According to the study, consumers anticipate that in the next six months there will be fewer job openings and worsening business circumstances.

The earnings figures for UPS (UPS) increased the gloomy feeling. But difficulties in the US banking sector and delayed earnings reports from companies like Microsoft (MSFT) and Alphabet Inc. (GOOGL), among others, led to a positive session conclusion. Demand for Bitcoin and the larger crypto market increased when reports of First Republic Bank's (FRC) deposits declining surfaced.

The statistics, corporate profits, and problems in the banking sector affected opinions on Fed monetary policy. The likelihood of a 25-basis point interest rate increase in May decreased from 90.5% to 76.1% on Tuesday, according to the CME FedWatchTool. Significantly, the likelihood of an increase in June dropped from 24.7% to 9.2%, reflecting the session's optimistic conclusion on Tuesday.

The NASDAQ mini gained 152 points this morning while the NASDAQ Composite Index dropped by 1.98%.

The Coming Day

It's a hectic session. The emphasis is on business profits and US economic indices.

Interest will be generated by US core durable goods and trade statistics. Fears of a recession would increase if core durable goods orders declined more than anticipated. Investors have no Fed rhetoric to take into account. On Saturday, the Fed began its blackout period.

Meta Platforms (META) is one of the notable names on the US earnings calendar

The focus will still be on the cryptocurrency news wires despite the effect of US economic statistics and business results. Talk about the US banking industry, developments in the SEC v. Ripple lawsuit, and news about Binance and Coinbase (COIN) will all influence the market. Interest will be piqued by discussions among US lawmakers and regulatory activities.