BTC/USD Price Analysis – April 03, 2023
Daily Price Outlook
The BTC/USD is currently trading at 27,750, experiencing a 1.50% drop within the last 24 hours. Bitcoin's (BTC) recent surge seems to have paused just below the $30,000 mark, following the cryptocurrency's capitalization on the turmoil in the traditional finance sector, particularly the fallout from the banking crisis.
Analysts assert that breaking the $30,000 resistance level could be a significant milestone for the leading cryptocurrency based on its historical price behavior.
Crypto analyst Matthew Hyland highlighted in an April 2 tweet that $30,000 has served as a crucial resistance and support level for Bitcoin over the past two years. He speculated that if Bitcoin were to successfully flip this level, it could signify a game-changing moment.
Hyland also observed that the NASDAQ and S&P 500 indices demonstrated remarkable resilience, ending the week on a positive note. However, he emphasized that widespread pessimism and skepticism persist in the market, with many investors remaining cautious about the current economic environment.
In a similar vein, a Bitcoin analyst using the Twitter alias Stockmoney Lizards urged patience in the crypto market, pointing out that the asset encounters resistance at $30,000. He added that if this resistance is overcome, Bitcoin is likely to soar.
BTC/USD Intraday Technical Levels
Support Resistance
27516 28908
26689 29473
26124 30300
Pivot Point: 28081
BTC/USD – Technical Outlook
Bitcoin's price has been correcting lower from the $28,800 area, with the potential for increased bearish momentum if it falls decisively below the $27,500 support level. Although Bitcoin managed to climb above the $28,500 resistance level, it faced difficulty in gaining traction to surpass the $28,800 and $29,000 levels.
The latest swing high was established around $28,595 before the price underwent a downside correction. It dropped below the $28,200 support level and the 100-hour simple moving average, with bears driving the price beneath the $28,000 support zone.
Immediate resistance lies around $27,820, which is close to the 23.6% Fibonacci retracement level of the downward move from the $28,595 swing high to the $27,578 low.
Should Bitcoin fail to break the $28,100 resistance, it may experience another decline. Immediate support on the downside is near the $27,600 zone, followed by major support around $27,500. A downward breach below the $27,500 support could trigger a new decline, with the next critical support near $27,000. If the price falls below this level, it could test the $26,600 mark.
Related:
* EUR/USD Price Analysis – April 03, 2023
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