BTC Bulls to Target a Return to $30,000 on US Debt Ceiling and Banks

Bitcoin (BTC) increased by 0.36% on Wednesday. BTC finished the day at $28,427 after gaining 2.91% on Tuesday. Significantly, BTC made its first trip to the $30,000 level since April 19.

Bullish throughout morning, BTC climbed to a high of $30,034 around lunchtime before going into reverse. The First Major Resistance Level (R1) at $28,742 and the Second Major Resistance Level (R2) at ($29,160) were both broken by BTC. BTC, however, dropped to a low of $27,234 after encountering resistance near $30,000. Before rebounding back to conclude the session at $28,427, BTC briefly breached the First Major Support Level (S1) at $27,558.

First Republic Bank's problems and corporate earnings are overshadowed by the US government

Wednesday was a hectic day with attention on corporate results and US economic indices. Sentiment improved on Wednesday after the poor consumer confidence data and United Parcel Service (UPS) results.

US core durable goods orders climbed by 0.3% in March, providing stability despite persistent worries of a US recession. Core orders for durable goods decreased in February by 0.3%.

Better-than-expected results from Alphabet Inc. (GOOGL) and Microsoft (MSFT) contributed to the day's optimistic start. Troubles at First Republic Bank (FRC) also fueled demand for bitcoin and the larger cryptocurrency market.

However, by the close of the US day, BTC fell by 6.21% in a single hour, following the NASDAQ Composite Index into reverse.

The NASDAQ Composite Index increased by 0.47 points on Wednesday, while the Dow and S&P 500

The Wednesday turnaround was probably influenced by investor anxiety about the US debt limit and economic concerns.

The Coming Day

The Thursday session is really busy. The spotlight will be on business results and US economic statistics.

Data on the US Q1 GDP and unemployment claims will be of interest. Investors may get alarmed by a weaker-than-anticipated GDP estimate and a rise in unemployment claims. According to economists, the US economy's growth will decrease in Q1 from 2.6% to 2.0% and unemployment claims would rise from 245k to 248k.

The US earnings schedule features well-known companies including Amazon.com (AMZN), Mastercard (MA), Intel (INTC), and Caterpillar (CAT). We anticipate that Amazon.com's profits will have a greater impact.

The crypto news wires will continue to be the major focus outside of the US calendars. 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.