Technical Analysis

BTC/USD Price Analysis – May 02, 2023

By LonghornFX Technical Analysis
May 2, 20233 min

Daily Price Outlook

According to reports in the cryptocurrency news, Bitcoin and Ethereum experienced significant price declines overnight, potentially due to JPMorgan's acquisition of the struggling First Republic Bank.

Cryptocurrency Price Action

Bitcoin experienced a drop in price from its weekend range of $29,000 to around $28,000 on Monday. On Wednesday, BTC rose to a weekly high of $30,080 due to fresh banking issues but fell below $28,000 in the afternoon. Before news about the First Republic Bank, the cryptocurrency traded in the week's $27,000 to $28,000 range.

Bitcoin reached its highest value since June 2020, surging to $31,019 late on April 14, breaking the $30,000 barrier for the first time in ten months. March was the strongest month for BTC since January, with a 20% rise. The world's largest cryptocurrency has lost almost 68.8% of its value this year.\_/status/1653298231907061760?s=20

Bitcoin market cap surges, but retreat from $30K continues - First Mover Asia

Entrepreneurs in the Western crypto industry are turning to the East for more tech-friendly regulations and new opportunities. Jack Tan, co-founder of Taipei's Woo Network, believes that a collaboration between the two regions could serve as a model for the future of cryptocurrency.

At the beginning of the trading day in Asia, Bitcoin is experiencing a 4% decline, trading at $27,981, while Ether is down by 2.45%, trading at $1,824.\_relevant/status/1631502586103713793?s=20

In Asia, the trading day has begun with Bitcoin starting at $27,981, which is a 4.9% decrease from the previous day, while Ether is down 3.8% to $1,824.

During a recent appearance on CoinDesk TV's All About Bitcoin, Joshua Frank, co-founder and CEO of research platform The Tie, pointed out that despite the gradual decline from $30,000, there are still several positive market indicators for Bitcoin.

Regulators took over First Republic on Monday, marking the third U.S. bank failure of the year and the largest since the 2008 financial crisis. JPMorgan Chase will acquire the deposits and assets of the bank.\_/status/1653037783940825089?s=20

BTC/USD – Technical Outlook

Bitcoin's price has fallen below the $28,000 support level, reaching a low of $27,650, and failed to recover above the $29,000 resistance zone. The price is now consolidating losses near the $28,000 resistance zone, with immediate resistance at $28,050 and major resistance at $28,200.

Bitcoin is trading below the 100 hourly Simple moving average and a major bearish trend line is forming with resistance near $28,000.

If the price fails to clear the $28,200 resistance, it could continue to move down with immediate support at $27,650 and major support at the $27,200 zone.



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