After an impressive rally in the first two weeks of March, Bitcoin‘s price ended last week on a Doji candlestick pattern, indicating a stalemate between buyers and sellers at around $28k. This has led most cryptocurrency traders to avoid the market to prevent forced liquidation, as reflected in the low level of liquidation in the crypto market, which stands at around $48 million, compared to over $350 million recorded two weeks ago.
Global banking crisis fuels Bitcoin rally
Bitcoin‘s price has risen by nearly 70% YTD, while most banking stocks have seen double-digit percentage losses in the same period. This rally can be attributed to the ongoing global banking crisis and rising inflation.
Regulatory uncertainty
The ongoing crypto regulatory scrutiny in the United States has raised uncertainty about short-term Web3 adoption in the country. The SEC intends to classify all digital assets, except Bitcoin, as unregistered securities. Additionally, U.S. financial regulators seek to classify crypto-staking products as unregistered securities.
Bitcoin price analysis
Analyst Rekt Capital believes that Bitcoin has officially entered a fresh macro bull market with its recent breakout from $25k. However, the current neutrality between Bitcoin bulls and bears in the weekly time frame shows short-term weakness.
If #BTC continues to struggle to break beyond $28,700 then a healthy dip may need to occur to gain fresh buyer interest at lower levels
Technicals are showing some short-term weakness & it could be that a catalyst will soon appear to play that weakness out$BTC #Crypto #Bitcoin
— Rekt Capital (@rektcapital) March 26, 2023
Analysts predict that Bitcoin price could dip to gain fresh buyer interest at lower levels.
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Elena R
Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing – accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.
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Elena R