As the news about contingencies in the banking industry are calming down, so are the markets. The crypto market is slowing down for the second week in a row, but BTC is still driving the crypto market to the upside. Statistics show that banks are losing deposits, but with a slower pace, where part of these funds ending up in major coins, like BTC is. The exhaustion of these transfers would certainly lead BTC to short term correction in price, but considering market instability at this moment, it should not be expected to be some sort of significant correction.
During the previous week, the price of BTC was moving in a range between levels of $26.5K up to $29.1K at one occasion. Still, as of the weekend, the price stabilized around $28.5K. Under normal market circumstances, the level of $28K would be a short term stop of BTC, on a road toward the $30K resistance line. This is why the $28K needs to be taken into account in technical analysis of potential further moves of BTC. Two weeks ago, RSI reached the clear overbought side of the market, and entered into a short correction, currently moving around the 63 level. Moving average of 50 days is still diverging from MA200 counterpart, still supporting the Golden cross.
Technical indicators continue to point to the possibility of short term price correction for BTC in the coming period. The level of the $25K support line is still evident on the chart as a potential next stop for BTC price. However, it should be taken into account the level of instability, which is on the market, which might postpone this move. In case of some strong fundamentals during the week ahead, the price of BTC might reach $30K resistance, but it should be taken with a high level of reserve. At this moment, a move to the downside has much higher probability.
During the previous week, the price of BTC was moving in a range between levels of $26.5K up to $29.1K at one occasion. Still, as of the weekend, the price stabilized around $28.5K. Under normal market circumstances, the level of $28K would be a short term stop of BTC, on a road toward the $30K resistance line. This is why the $28K needs to be taken into account in technical analysis of potential further moves of BTC. Two weeks ago, RSI reached the clear overbought side of the market, and entered into a short correction, currently moving around the 63 level. Moving average of 50 days is still diverging from MA200 counterpart, still supporting the Golden cross.
Technical indicators continue to point to the possibility of short term price correction for BTC in the coming period. The level of the $25K support line is still evident on the chart as a potential next stop for BTC price. However, it should be taken into account the level of instability, which is on the market, which might postpone this move. In case of some strong fundamentals during the week ahead, the price of BTC might reach $30K resistance, but it should be taken with a high level of reserve. At this moment, a move to the downside has much higher probability.
