As the dismal realities of the global financial system continue to overwhelm government efforts to stop the development of the crisis, the cryptocurrency market has remained robust, causing investors to pay more attention to cryptocurrencies. Despite remarks from St. Louis Fed President James Bullard that interest rates could continue to rise to 5.625% in the event that economic pressures start to abate in the coming weeks, U.S. stocks managed to recover their early losses on Friday and surge higher towards the market close. The S&P, Dow, and Nasdaq all saw increases at the closing bell of 0.56%, 0.41%, and 0.31%, respectively.
According to data from TradingView, Bitcoin (BTC) is still consolidating near support at $28,000, where it has been trading over the past week as investors have once again begun to seek out the top cryptocurrency for its role as a safe haven.According to Kitco’s senior technical analyst Jim Wyckoff, who remarked that “April Bitcoin futures prices are weaker in early U.S. trading” in his morning Bitcoin update, there has been a slowing in the momentum for Bitcoin in the futures market.
The recent price pause, at higher levels, is normal and not bearish, according to Wyckoff. In spite of the price increase that is still visible on the daily bar chart, bulls continue to hold a strong technical edge in the near term. More upside is likely in the near term.”
The founder of Eight Global, Michal van de Poppe, who tweeted the following as Bitcoin was retesting the highs near $29,000 and suggesting that a pullback to $25,300 was a possibility before Bitcoin resumed its ascent higher, is one analyst who concurs with Wyckoff that the outlook for Bitcoin is positive.
Decentralized finance analyst Yoddha created the following chart showcasing a fractal pattern that may see bitcoin soar to $50,000, pull back to $30,000, and then explode to new all-time highs in order to give readers a glimpse of what the market action for the leading cryptocurrency may look like going forward.
The following tweet was issued by market analyst Rekt Capital, stressing the need for crypto investors to be ready for the uncertain ride that lies ahead.