Will Bitcoin Still Rise?关于BITSTAMP:BTCUSD由Pioneer-提供

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Affected by the steady decline in U.S. inflation and the slowdown in economic data, the pace of interest rate hikes by the Federal Reserve has come to a halt. The market expects the Fed to end its rate hike cycle as soon as June. The Federal Reserve's monetary policy has always been the most critical factor dominating risk assets such as cryptocurrencies, and the weakening of the U.S. dollar has brought momentum to the rebound of cryptocurrencies.

At the same time, the shadow of the FTX bankruptcy case gradually dissipated with the passage of time, and investors focused on the future. The U.S. and European banking crises that broke out in March created good opportunities for cryptocurrencies, and the risk aversion sentiment increased. In particular, investors looked at the shortcomings of the traditional banking industry and once again looked forward to the prospect of "decentralization". "Whether it's good or bad", the ebb of the dollar's rally and the close-to-clear cryptocurrency industry have re-attracted investors to intervene.

30 ,000 is a major psychological level for Bitcoin price action.

This line is the neckline of the super-large M top formed after hitting the top of 60,000 US dollars twice in 2021. It is also the main horizontal suppression in the past year, and has great strategic and tactical significance. If Bitcoin regains the 30,000 mark, it is expected to resume its upward trend.

At present, in terms of technical trends, we are still bullish on Bitcoin in the short term, and we should focus on whether it can be stabilized. If the price runs stably on this line for 1-2 weeks, it can be regarded as a firm stand, and the market outlook has the opportunity to further look at 40 ,000; Falling back below 30,000 and rebounding weakly, the price is expected to test 25,000 again, and if it breaks below 25,000, it will fall back to 20,000.