Despite the US dollar and risk appetite favoring Bitcoin (BTC) last week, BTC failed to continue the strong upward trend of the previous week and entered a high-level oscillation. Technically, this week's focus is on the direction of Bitcoin breaking through the oscillation range.
Bitcoin (BTC) falls into high-level oscillation amidst mixed bullish and bearish factors
The Federal Reserve's interest rate decision last week met expectations with a 25 basis point increase, and the policy guidance changed from "expect to continue raising interest rates" to "expect additional policy reinforcement", which made the US dollar even weaker due to the dovish shift. However, the policy statement also emphasized the uncertainty brought by recent banking crises, coupled with Treasury Secretary Yellen's statement that "not considering providing insurance for all uninsured deposits", causing risk appetite to cool significantly that day and BTC's pullback from its intraday high point to exceed 7% at one point.
However, the next day, BTC's price rebounded due to Treasury Secretary Yellen's reversal, stating that the federal government will take additional measures to stabilize the US banking system when necessary. Market risk appetite received a boost, and BTC rebounded and recovered the previous day's decline on Thursday.
Following that, BTC staged a high-rise and fall on Friday. During the European session that day, the plummeting of Deutsche Bank's stock price reignited market panic. However, during the US session, the ECB President and German Chancellor came forward to calm the market, and the rebound in risk appetite drove the price of BTC to rebound, reaching a recent high of $29,380 per coin. However, the rally was short-lived, and the trend quickly gave up gains and turned downward, closing down 3% that day.
The US dollar index fell 0.72% last week, and the S&P 500 index rose 1.4%. Overall, the traditional financial market environment generally supports the trend of BTC. However, BTC's performance is not outstanding, which may be related to the US official attitude. The US White House stated in last week's "President's Economic Report" that cryptocurrencies are mainly speculative investment tools and have not brought any benefits, and cryptocurrencies generally cannot function as currency like sovereign currencies.
Bitcoin (BTC) trend technical analysis: focus on the oscillation range
The four-hour chart shows that the price trend of Bitcoin (BTC) is in a high-level oscillation, and subsequent attention is paid to the direction of breaking through the range. On the upside, the 28,500-29,000 range is the top resistance of the range. If it can be broken, it will open up further upward space and may challenge the 30,000 mark. On the downside, the support below focuses on the 26,700-27,200 range. If it falls below, it will face further downward space.
Bitcoin (BTC) falls into high-level oscillation amidst mixed bullish and bearish factors
The Federal Reserve's interest rate decision last week met expectations with a 25 basis point increase, and the policy guidance changed from "expect to continue raising interest rates" to "expect additional policy reinforcement", which made the US dollar even weaker due to the dovish shift. However, the policy statement also emphasized the uncertainty brought by recent banking crises, coupled with Treasury Secretary Yellen's statement that "not considering providing insurance for all uninsured deposits", causing risk appetite to cool significantly that day and BTC's pullback from its intraday high point to exceed 7% at one point.
However, the next day, BTC's price rebounded due to Treasury Secretary Yellen's reversal, stating that the federal government will take additional measures to stabilize the US banking system when necessary. Market risk appetite received a boost, and BTC rebounded and recovered the previous day's decline on Thursday.
Following that, BTC staged a high-rise and fall on Friday. During the European session that day, the plummeting of Deutsche Bank's stock price reignited market panic. However, during the US session, the ECB President and German Chancellor came forward to calm the market, and the rebound in risk appetite drove the price of BTC to rebound, reaching a recent high of $29,380 per coin. However, the rally was short-lived, and the trend quickly gave up gains and turned downward, closing down 3% that day.
The US dollar index fell 0.72% last week, and the S&P 500 index rose 1.4%. Overall, the traditional financial market environment generally supports the trend of BTC. However, BTC's performance is not outstanding, which may be related to the US official attitude. The US White House stated in last week's "President's Economic Report" that cryptocurrencies are mainly speculative investment tools and have not brought any benefits, and cryptocurrencies generally cannot function as currency like sovereign currencies.
Bitcoin (BTC) trend technical analysis: focus on the oscillation range
The four-hour chart shows that the price trend of Bitcoin (BTC) is in a high-level oscillation, and subsequent attention is paid to the direction of breaking through the range. On the upside, the 28,500-29,000 range is the top resistance of the range. If it can be broken, it will open up further upward space and may challenge the 30,000 mark. On the downside, the support below focuses on the 26,700-27,200 range. If it falls below, it will face further downward space.
Comment:
Normal fluctuation range