Bitcoin (BTC) has become the biggest beneficiary of the European and American banking crisis since last week, and is currently setting a new high in nine months. Technically, Bitcoin broke through the key resistance of 25,000, or opened the door to challenge the 30,000 mark upwards.
Bitcoin (BTC) is a blessing in disguise, soaring more than 25% in the past week
Bitcoin (BTC) initially took a hit last Thursday after Silicon Valley Bank's liquidity crisis broke out, but it was a blessing in disguise in the next few days and started a skyrocketing market.
Since the reason for the bankruptcy of Silicon Valley Bank was attributed to the Fed’s continued interest rate hikes, this incident led to a sharp weakening of the Fed’s interest rate hike expectations, and the weakening of the US dollar boosted the price of Bitcoin (BTC), providing the initial momentum for the surge.
In addition, the run on the liquidity crisis of Silicon Valley banks exposed the problem of neutral fiat currencies including the U.S. dollar, allowing decentralized cryptocurrencies to gain more attention and popularity. One of the important drivers of the cryptocurrency bull market.
In addition, according to the latest data from the Federal Reserve, the central bank's balance sheet has expanded by nearly 300 billion US dollars in the past, which is almost half of the scale of the shrinkage in the past year, giving people a feeling of returning to the crazy expansion process in 2020 . Recall that in 2020, the Federal Reserve began to expand its balance sheet, which made Bitcoin a big bull market.
Although the European Central Bank insisted on raising interest rates by 50 basis points yesterday, the Fed may raise interest rates by 25 basis points next week, which will help the U.S. dollar to stop falling and rebound. The impact of the trend is actually not clear.
However, it should be seen that the sharp rise of Bitcoin in the past week actually shows that the current cryptocurrency market seems to have gotten rid of the influence of traditional financial markets, so cryptocurrencies such as Bitcoin may go out of independent markets-maintain an upward trend.
Technical Analysis of Bitcoin (BTC) Trends: An Effective Breakthrough of 25,000 Opens the Door to Further Rise
Bitcoin rose rapidly today as we expected. Friends who have not boarded the car are waiting for the opportunity to step back at night. After stepping back, they rely on 25600-25200 to support the bulls to intervene.
Bitcoin bullishness is based on the following:
1. Bitcoin has broken through the previous high, and the rebound in the intraday is a normal rising rhythm-no worries.
2. According to the research and judgment of the Turing wave trading system, the current C-wave 1 has been confirmed to open, and the rest is to operate around the low-many idea to prepare for the C-wave 3.
3. The upper pressure is 28200, and the lower support is 25600-25000.
I've been busy recently, with few updates, and more communication in the private discussion area. Interested friends can discuss it together.
Bitcoin (BTC) is a blessing in disguise, soaring more than 25% in the past week
Bitcoin (BTC) initially took a hit last Thursday after Silicon Valley Bank's liquidity crisis broke out, but it was a blessing in disguise in the next few days and started a skyrocketing market.
Since the reason for the bankruptcy of Silicon Valley Bank was attributed to the Fed’s continued interest rate hikes, this incident led to a sharp weakening of the Fed’s interest rate hike expectations, and the weakening of the US dollar boosted the price of Bitcoin (BTC), providing the initial momentum for the surge.
In addition, the run on the liquidity crisis of Silicon Valley banks exposed the problem of neutral fiat currencies including the U.S. dollar, allowing decentralized cryptocurrencies to gain more attention and popularity. One of the important drivers of the cryptocurrency bull market.
In addition, according to the latest data from the Federal Reserve, the central bank's balance sheet has expanded by nearly 300 billion US dollars in the past, which is almost half of the scale of the shrinkage in the past year, giving people a feeling of returning to the crazy expansion process in 2020 . Recall that in 2020, the Federal Reserve began to expand its balance sheet, which made Bitcoin a big bull market.
Although the European Central Bank insisted on raising interest rates by 50 basis points yesterday, the Fed may raise interest rates by 25 basis points next week, which will help the U.S. dollar to stop falling and rebound. The impact of the trend is actually not clear.
However, it should be seen that the sharp rise of Bitcoin in the past week actually shows that the current cryptocurrency market seems to have gotten rid of the influence of traditional financial markets, so cryptocurrencies such as Bitcoin may go out of independent markets-maintain an upward trend.
Technical Analysis of Bitcoin (BTC) Trends: An Effective Breakthrough of 25,000 Opens the Door to Further Rise
Bitcoin rose rapidly today as we expected. Friends who have not boarded the car are waiting for the opportunity to step back at night. After stepping back, they rely on 25600-25200 to support the bulls to intervene.
Bitcoin bullishness is based on the following:
1. Bitcoin has broken through the previous high, and the rebound in the intraday is a normal rising rhythm-no worries.
2. According to the research and judgment of the Turing wave trading system, the current C-wave 1 has been confirmed to open, and the rest is to operate around the low-many idea to prepare for the C-wave 3.
3. The upper pressure is 28200, and the lower support is 25600-25000.
I've been busy recently, with few updates, and more communication in the private discussion area. Interested friends can discuss it together.
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take it directly
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direct breakthrough pressure
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