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Bitcoin price primed to revisit $33,000 as global market turmoil rages on

  • Bitcoin price is unphased by global market events as a major Swiss bank was acquired.
  • BTC sees inflow from all angles, both short-term and long-term.
  • Higher yields and a stronger US Dollar were the omens for Bitcoin.

Bitcoin (BTC) price is rallying in a full recovery story after a harsh and long crypto winter through most of 2022. With both yields and the US Dollar fading, the two biggest kryptonites for Bitcoin bulls are fading and losing their grip on the downtrend. With several key levels already broken, it looks inevitable that BTC will soon take out $30,000 and march higher.

Bitcoin price sees traders ignoring any sign of global markets

Bitcoin price already jumped over 42% after the 200-day Simple Moving Average (SMA) was used as support for the bounce (don’t say technicals don’t work). With bulls knocking on the door at $28,695, that mighty $30,000 handle is coming very close with only a shy 5% away. However, there are some key market events ongoing that are set to take place this week with the first reactions on Monday around Credit Suisse, the Federal Reserve rate decision and all eyes on banks throughout the week. 

BTC is seeing a wave of bulls rush in regardless of all these elements. These traders are enjoying the optimistic  tone in their biosphere with even the Relative Strength Index (RSI) being disregarded. Expect to see massive inflow now that equities are not in their sweet spot, and both the US Dollar and yields are dropping sharply. It is time to shine for Bitcoin price, which could go to $32,649 and book a 15% gain this week.

BTC/USD  daily chart    

BTC/USD  daily chart    

The largest tail risk at hand is that with the banking systems in both the US and Europe under pressure, another vital bank with access to cryptocurrencies could collapse. Already several smaller and local banks have reported deposit outflows toward the bigger names such as JP Morgan and Goldman Sachs. Should another financial service provider fall, Bitcoin could get a small flash crash and drop back to $20,000 in a matter of minutes if it is a big name in the crypto world like Gemini or another provider.

Author

Filip Lagaart

Filip Lagaart is a former sales/trader with over 15 years of financial markets expertise under its belt.

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