• Bitcoin (BTC) is currently at a precarious $28,165, just below the critical $28,000 threshold.
• BTC has experienced losses within the last 24 hours and a week-on-week decline.
• Technical indicators have signaled bearish momentum; however, some are showing signs of turning bullish.
Bitcoin Price Update
Bitcoin (BTC) currently stands at a precarious $28,165, teetering just below the critical $28,000 threshold early on Friday, extending its downward trajectory for two consecutive days. The cryptocurrency has encountered a recent downturn of 2.5% within the past 24 hours, as per data from CoinMarketCap.
Technical Indicators
BTC has been trading below the 9-day and 21-day moving averages following the reversal in the $29,900 area. With its ongoing downward trajectory, Bitcoin is now facing potential resistance at the local high of $31,000 should it manage to hold above the upwards-sloping support being retested at the time of writing. The Relative Strength Index (RSI) for the 4-hour timeframe has descended into oversold territory hinting at a potential halt to Bitcoin’s recent bullish momentum. Should it breach this channel’s lower boundary it could potentially plummet towards support levels again.
Repercussions From US Fed Authorities
In light of insinuations from U.S Federal Reserve authorities regarding a potential quarter-point increase in interest rates at their upcoming May policy rate gathering repercussions have reverberated across diverse markets in affecting Bitcoin’s price trend movement too.
Weekly Trends
On the weekly chart Bitcoin’s price appears to have established a solid bottom in late 2022 leading to an explosive rally with an impressive performance year-to-date of 70%, reaching a local top of $30,968 before experiencing bearish pressure lately and losing 5.3% within 7 days time frame as per latest data from CoinMarketCap..
Conclusion
It is clear that current market conditions are having an effect on BTC’s price action with technical indicators signaling mixed signals for investors and traders alike; however with many developments taking place such as further progress made towards mainstream adoption or institutional investment influxes we may see future volatility spikes going both ways depending on how these events unfold in near future..