Increased market optimism pushed the crypto market prices to the higher grounds for the second week in a row. Positive sentiment is supported by several FED officials who expressed their opinion on further monetary tightening, but this time with a level of relaxation in terms of further rate increases by 25bps, which was in line with market expectations. Last week the crypto lending firm Genesis filed for bankruptcy, which was also expected by the market, in which sense, the crypto market did not react with a surprise, but quite the opposite. It gives a potential glimpse to expectations that FTX contingencies might soon be over. All developments at this moment are quite positive, which supported BTC price during the week to reach new yearly highs by reaching level of $23.3K at Saturday`s trading session and adding more than 11% to its market cap during the week.
RSI continues to move in an overbought market for the second week in a row. Daily trading volumes have been modestly decreased from the week before, which might imply that the current trend is slowly coming to its peak. In this sense, short term reversal might be expected in the coming period. On a positive side is a development in MA50, which started modestly to converge toward its MA200 counterpart. There is still distance between two lines, but still, this represents a positive move toward potential and long awaited “golden cross”.
For the last two weeks BTC is moving within the heavily overbought market side. This continues to imply a potential short term reversal. During the week ahead there are several important macro announcements, like US GDP growth rate and PCE Price index, which might impact higher volatility on the market in case of any deviances from market expectations. At this moment charts are pointing toward a $20K support line, which might be tested in the coming days. On the opposite side, next BTC`s target might be $25K, however, the probability for such a move is decreased for the week ahead.
RSI continues to move in an overbought market for the second week in a row. Daily trading volumes have been modestly decreased from the week before, which might imply that the current trend is slowly coming to its peak. In this sense, short term reversal might be expected in the coming period. On a positive side is a development in MA50, which started modestly to converge toward its MA200 counterpart. There is still distance between two lines, but still, this represents a positive move toward potential and long awaited “golden cross”.
For the last two weeks BTC is moving within the heavily overbought market side. This continues to imply a potential short term reversal. During the week ahead there are several important macro announcements, like US GDP growth rate and PCE Price index, which might impact higher volatility on the market in case of any deviances from market expectations. At this moment charts are pointing toward a $20K support line, which might be tested in the coming days. On the opposite side, next BTC`s target might be $25K, however, the probability for such a move is decreased for the week ahead.
