After quite turbulent few last weeks, the previous one was sort of a short break on the crypto market. The banking sector continues to be in the spotlight of markets, especially when it comes to potential contingencies of recently failed banks. At the same time, FED continued with its defined increase of interest rates by 25 bps, as expected, despite the warnings from some market analysts that further increase in rates will further impact liquidity and solvency of the banking system, increasing the potential of further problems within this sector. Insecurity among depositors is still very high, regardless of the government-led rhetoric that banks are safe places for depositors.
BTC slowed down a bit during the previous week. Highest level reached was 28,8K, where the coin last time was in June 2022. However, some market exhaustion was evident at this level, so BTC reverted a bit to the downside, ending the week around $27,5K. Selling orders started to emerge as of the weekend. RSI clearly reached the overbought market side, and started to revert a bit, ending the week around the 63 level. Moving average of 50 days is further diverging from the MA200 counterpart, which is a sign that the Golden cross from a few weeks ago is still holding.
Current charts are showing that markets are calming down after quite turbulent last two weeks. It was sort of expected, considering that it is usual market behavior, after a swift and strong move to one side. However, it should not be neglected the fact that fear among banking depositors is still high, which might trigger another move to the upside, in case that there is further negative news around the banking sector. In case that the situation is settled, then further BTC`s corrections to the downside might be expected. Charts continue to point to a $25K support line to be tested in the coming period. Under “normal” conditions this level needs to be tested, in order for BTC to move again to the higher grounds.
BTC slowed down a bit during the previous week. Highest level reached was 28,8K, where the coin last time was in June 2022. However, some market exhaustion was evident at this level, so BTC reverted a bit to the downside, ending the week around $27,5K. Selling orders started to emerge as of the weekend. RSI clearly reached the overbought market side, and started to revert a bit, ending the week around the 63 level. Moving average of 50 days is further diverging from the MA200 counterpart, which is a sign that the Golden cross from a few weeks ago is still holding.
Current charts are showing that markets are calming down after quite turbulent last two weeks. It was sort of expected, considering that it is usual market behavior, after a swift and strong move to one side. However, it should not be neglected the fact that fear among banking depositors is still high, which might trigger another move to the upside, in case that there is further negative news around the banking sector. In case that the situation is settled, then further BTC`s corrections to the downside might be expected. Charts continue to point to a $25K support line to be tested in the coming period. Under “normal” conditions this level needs to be tested, in order for BTC to move again to the higher grounds.
