Bitcoin’s weekly close above $30,000 was the first such instance since May 2022. The rally in Bitcoin was boosted by lower-thanexpected Consumer Price Index (CPI) print for March. Annual CPI rose 5% in March versus estimates of 5.1%, the lowest rate of increase since May 2021. Although inflation remains well above the Federal Reserve’s 2% target rate, it is showing a steady decline.
The FedWatch Tool shows an 86.7% probability of a 25 basis-point rate hike in the Fed’s May meeting. However, by the September meeting, the majority expect the Fed to start cutting rates. If that happens, assets such as stocks and cryptocurrencies are likely to benefit.
That started a correction in the BTC/USDT pair, which reached the 20-day exponential moving average (EMA) on April 18. A strong rebound off the current level will suggest that the sentiment remains positive and traders are viewing the dips as a buying opportunity. The bulls will then again attempt to drive the price to the overhead resistance at $32,400.
This remains the key level to watch out for because if this resistance is pierced, the pair may soar toward $40,000. The rising 20-day EMA and the relative strength index (RSI) in the positive territory indicate that bulls have the upper hand. If bears want to halt the up-move, they will have to yank the price back below the 20-day EMA.
That may trigger stops of short-term traders, resulting in a decline to $26,500 and then to the breakout level of $25,000. This level is likely to witness aggressive buying by the bulls.
Lastly please check out the advancement’s happening in the cryptocurrency world.
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