Bitcoin Price Prediction as Market Volatility Sends BTC toward $28,000 Support – When is the Next Leg Up?
As market volatility shakes the crypto world, Bitcoin's price appears to be heading toward the $28,000 support level, leaving investors and traders wondering when the next leg up will materialize.
In this Bitcoin price prediction, we will explore the factors contributing to the current market fluctuations and analyze the potential scenarios that may unfold in the coming days.
Stay tuned as we delve into the rollercoaster ride that is the cryptocurrency market.
The recent Bitcoin uptick commenced after the second major bank failure in the United States, causing unease within the entire banking sector.
In addition, following the default of First Republic Bank, PacWest Bancorp stocks saw a substantial drop due to a disappointing Q1 earnings report.
As per CNBC, a Gallup Survey disclosed that nearly 50% of Americans are concerned about the security of their funds in banks.
The US banking crisis is starting to affect various regional banks, prompting a shift in market sentiment towards alternative safe-havens like gold and bitcoin.
As a result, BTC/USD is gaining momentum, with prices approaching the crucial $30K mark.
Additionally, the turbulence in the US banking sector that started two months ago has been quite advantageous for Bitcoin, as the cryptocurrency's market share has experienced a significant surge during this time.
As per TradingView, Bitcoin's dominance rate has risen from 42% to 49% since March, attaining its highest level in 22 months.
Bitcoin is currently displaying a slightly bearish trend, trading at $28,978, mostly unchanged, bouncing off 0.10%. The BTC/USD pair is capitalizing on its earlier daily gains, moving towards the $30K mark.
Bitcoin's technical aspects remain stable, with BTC's trading largely consistent
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