Bitcoin's test continues: What awaits the leader cryptocurrency?
Bitcoin, which started the fifth day with a red candle, tested the $30,000 level over the weekend, but broke an important support and shows activity at $28,045 this morning.
The fact that the resistance zone has not been overcome for cryptocurrencies with a total market value of $ 1.29 trillion shows that the pressure on the altcoin market continues, it is still weak and not ready for a rally. However, RAD and BETA, which differed from other altcoins in the last 24 hours, stand out as the most rising altcoins of the day with double-digit gains.
The Core PCE, which was announced on Friday from the US, came in at 4.6% year-on-year, which strengthened the expectations that the FED will continue to increase interest rates ahead of the FED's interest rate decision to be announced tomorrow.
Bitcoin's road is unknown
Yesterday, the US Deposit and Insurance agency accepted JPMorgan's bid for the bankrupt First Republic Bank. Thus, First Republic Bank was acquired by JPMorgan. Despite the recovery in the US stock markets with this news, the day before the FED's decision ended in a selling course.
Also yesterday, MicroStrategy announced its revenue for the first quarter of 2023 as $121 million, above the expectations of $119 million. The crypto market, on the other hand, continues its downward streak, unaffected by positive news flows.
As we start a week with data intensive and high volatility, the FED interest rate decision. With an almost certain opinion in the market, a 25 basis point rate increase of 94.5% is expected. After the interest rate decision, FED Chairman Powell's statements will be followed at 21:30. While the European Central Bank interest rate decision is expected on Thursday, Coinbase and Apple earnings reports will also be released. Finally, on Friday, non-farm employment data and unemployment rate are expected from the USA.
