Bitcoin Price Prediction As BTC Bounces From Local Bottom and Targets $30,000 Level – What Happens Next?
Bitcoin’s price has recently rebounded from a local low, sparking renewed optimism among investors and traders.
As the leading cryptocurrency once again targets the $30,000 level, market participants are wondering what happens next.
Will this rally mark the end of the bearish trend, or is it just a temporary reprieve before the next downturn?
This update will explore the factors that can influence Bitcoin’s price trajectory and provide predictions for future movements.
US banking crisis drives Bitcoin’s climb towards $30,000 milestone
The recent rise in Bitcoin began after the second major bank failure in the United States, which raised concerns for the entire banking industry.
In addition, following First Republic Bank’s default, PacWest Bancorp shares also experienced a significant decline due to its disappointing first quarter earnings report.
According to CNBC, a Gallup poll revealed that around 50% of Americans are concerned about the safety of their money in banks.
The banking crisis in the US has begun to affect several regional banks, further changing market sentiment in favor of other safe havens such as gold and bitcoin.
Accordingly, BTC/USD is gaining strength and prices are moving towards the key $30K level.
Furthermore, the instability in the US banking sector that started two months ago has proven to be very beneficial for Bitcoin, as the cryptocurrency’s share in the broader market has increased sharply during this period.
According to TradingView, Bitcoin’s dominance rate has increased from 42% to 49% since March, reaching its highest level in 22 months.
Argentina’s central bank’s ban on Bitcoin payments prevents BTC’s rise to $30K
On Friday, Argentina’s central bank took a firm stance against Bitcoin, issuing a statement declaring that payment platforms are now prohibited from offering cryptocurrencies such as Bitcoin.
The bank cited the need to reduce risks associated with digital asset transfers as the primary reason for this decision.
Several online payment companies, including Mercado Libre and Uala, which offer their customers crypto trading, will no longer be able to offer Bitcoin purchase services.
The main objective is to protect customers against high volatility and associated risks. This news from Argentina will undoubtedly affect the number of Bitcoin transactions in the region, thus limiting BTC/USD gains on Saturday.
Bitcoin price
Bitcoin is currently trading at $29,417, up over 1%. BTC/USD extends its previous daily gains and moves towards the $30K mark.
The technical aspects of Bitcoin continue to be consistent, as BTC’s trade is largely in line with our Bitcoin price prediction.
On the four-hour chart, Bitcoin is holding above the 50-day exponential moving average, serving as a crucial support level around $28,700.
This level has acted as significant resistance for BTC throughout this week. Still, closing candles above $28,700 increases the chances of a bullish rally in BTC.
Bitcoin may find immediate support near the 27,600 level, indicated by a trend line on the 4-hour chart.
If the price breaks this critical 27,600 level, BTC could be on its way to the next support level at 27,200.
Conversely, if BTC manages to break above the $29,600 mark, we could see the price heading north towards $30,400.
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Disclaimer: The Industry Talk section contains insights from crypto industry players and is not part of the editorial content of Cryptonews.com.
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