Bitcoin Price Prediction as BTC Again Tested $30K Resistance

Pathik Bhattacharya
Pathik Bhattacharya
Published on April 27, 2023 09:33 PM

Bitcoin price sees an upsurge as US bank First republic bank plunges drastically.

bitcoin price prediction: 30k resistance
Source: Unsplash

Bitcoin price predictions soared past $30K on Wednesday and Thursday after the successful completion of the Bitcoin policy summit event. This is Bitcoin's second swing to the $30,000 threshold this month, following a period in which it fluctuated between $26,500 and $29,400. 

However, not every part is emitting profits, the sudden volatility in bitcoin (BTC) affected traders of both long and short futures as $1 billion in open interest and positions worth $175 million were liquidated the previous day.

Large liquidations may mark the local peak or bottom of a sharp price movement, providing traders with the opportunity to adjust their positions. Despite the fact that prices have increased significantly this year, Bitcoin is still worth around half of what it did at its high in November 2021, when it reached a value of about $69,000. Let's see how Bitcoin price predictions moved under all these circumstances.

Bitcoin Price Prediction: BTC Soars as Republic Bank Shares Plunge

The aftermath of US Banks in recent times proved Bitcoin as a hedge against these collapses. Starting from Signature Bank to Silver Valley and then Credit Suisse all banking collapses benefited Bitcoin in many ways. According to a report published by JP Morgan Analysts, the rising rally of major cryptocurrencies was due to the fact that most of the investors feared to stake their funds in Banks. 

On Monday, Republic Bank which is another US commercial Bank faced a backlash due to the current economic situation leading to a loss of almost 60% collapsing to $5 as recorded on NYSE. According to Bitcoin price predictions, the banking shares have a deep correlation with Bitcoin price. The BTC has moved exactly opposite to the stock price of the Bank in a span of three months.

bitcoin price chart

Source: TradingView

As it could be observed from the above graph, from 1st March to 24 March, the First Republic Bank started to Stumble and faced a shocking loss of $20.1 billion in just 24 days. As the stock consolidated and started gaining traction, Bitcoin moved downwards (From 1st March to 10th March). As FRC Tumbled, Bitcoin surged afterwards attaining a nine-month high. The bank stocks again collapsed on Monday, Bitcoin rose significantly. 

It can be or can't be due to the Giant bank corporation's stock movement but Bitcoin has always moved positively whenever a bank has collapsed previously. 

Bitcoin Price Prediction: Daily Chart

At the time of publication, the price of one bitcoin is $28,959.87, and its 24-hour trading volume is $34,424,593,243. In the previous day, Bitcoin has increased by 0.36%. BTC now has a market value of $560,590,044,191.

According to Bitcoin price predictions, BTC broke the rising channel pattern on Sunday as prices again reciprocated between $27,000 and $28,351 before a pullback took the prices to $29K. The 20,50,100 and 200 days EMA are all moving under the current price which indicates that BTC is experiencing bullish pressure. 

The 14-Day RSI is at 54.75 which is a transition zone from the "Sell" to "Buy" market. As per Bitcoin price predictions, the RSI is heading upwards crossing the neutral yellow line, which confirms that bulls are pushing the price above the "Buy" region. The MACD just ended a red bearish cycle and most probably now move to the green zone.

bitcoin price prediction chart

Source: TradingView


In Conclusion, Bitcoin price prediction reveals that the whole market sentiment in positive and bulls are dominating the market. The technical indicators are pointing towards a "Buy" signal which confirms the bullish dominance.

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