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Market News Bitcoin Hits the Resistance but Does Not Give Up

Bitcoin Hits the Resistance but Does Not Give Up

The overall market picture is still quite optimistic despite the large intraday fluctuations since the bulls were able to drive the price above the 50-day moving average.

Skylar Shaw

2023-04-28

7280

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Despite market uncertainty, Bitcoin encounters resistance, recovers, and maintains its upward path.

After reaching $29K late on Wednesday, Bitcoin's rise picked up speed, but as it reached $30K (the threshold was already exceeded on certain exchanges), it encountered severe resistance. The failure to advance beyond this point led to a tremendous wave of surrender. It soon, but only temporarily, brought the price back to $27K, where it had been at the beginning of the week. By Thursday morning, purchasing had taken back control and the price had returned to $29K.

The 50-day moving average is still heading up from $27K on Monday to $27.4K, so even with the large intraday swings, the overall market picture is still quite optimistic. The market purchased Bitcoin around this level towards the end of March. In other words, there are good reasons to believe that the first cryptocurrency will continue to rise.

The purchasing is also aided by financial news. The increase follows news of the stock fall of First Republic Bank, a problematic institution that was bailed out in March. Concerns about capital preservation have resurfaced, refocusing attention on cryptocurrencies.

Bitcoin News

According to Arthur Hayes, a co-founder of BitMEX, investing in cryptocurrencies would help customers hedge against the danger of losing money in light of the "broken banking system". He asserts that "those who trust in conventional finance will unavoidably experience losses."

Because of how closely the technical picture presently mirrors the bull market of 2015, when BTC soared from less than $200 to $20,000 in only two years, Twitter analyst TechDev thinks Bitcoin is in the early stages of a parabolic rise.

According to the UK's Financial Conduct Authority (FCA), cryptocurrencies have changed from "rebellious instruments" to a common asset class. The agency did express worry about the potential use of cryptocurrency by organized crime.

According to Commissioner Christy Goldsmith Romero, the CFTC plans to provide Congress with a proposal to abolish the anonymity of crypto-assets and implement digital owner identification.