bitcoin
Bitcoin spent more than 10 days fluctuating around the $28,000 level before finally testing the $29,000 level today.
However, no specific reports might be linked to the rally that might explain the cryptocurrency’s rally.
Bitcoin’s good performance is notable as it follows a string of not encouraging news for the cryptocurrency industry. Notable among the cryptocurrency news recently was the CFTC’s filing of a lawsuit once morest Binance, accusing the exchange giant of offering unregistered cryptocurrency derivatives, among other things.
“The market has responded positively despite the CFTC news, largely because the broader macro picture suggests a return to quantitative easing and fiat money printing,” said Joe DiPasquale, CEO of crypto-assets manager Pitbull Capital, as reported. CoinDesk.
In this regard, it is worth noting that tomorrow’s CPI data will be the next event that will drive market expectations regarding upcoming Fed moves that might affect the markets.
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Bitcoin technical price forecast
From a technical point of view, bitcoin needs to hold the previous high at $28,800 to maintain the positive momentum.
On the other hand, there are no obstacles in the path of Bitcoin to $30,000, so this important psychological threshold can be tested at any time.
A correction below $28,800 will be the first support to watch in the BTC/USD pair at the $28,000, $27,000 and $26,500 levels.
