The price of Bitcoin (BTC) reached above $28,000 on March 20 for the first time since June 2022, amid a bullish sentiment among investors who increasingly rely on Bitcoin as the global banking system suffers from instability. However, the price has since experienced a partial pullback and is currently trading at $27,900 with a market cap of $538 billion. Meanwhile, some investors are drawing attention to the possibility of a rise in prices. In addition, the technical analysis tool TD Sequential indicator seems to be burning a new signal in this process. Here are the details…
What’s next for Bitcoin?
Some optimists in the market believe that the BTC price will reach $30,000 soon, but the outcome of the US Federal Reserve (FED) meeting on March 21, that is today, seems to play a crucial role in determining the direction of US stocks and cryptocurrencies. While the Fed is currently battling inflation, it is also trying to address the burgeoning banking crisis that has led to an injection of $300 billion into the economy and the reversal of all monetary tightening measures implemented in the past six months.
According to some, the FED’s next move may be to return to printing money, but some analysts are more likely to raise interest rates by 25 basis points. On the other hand, the fact that the European Central Bank (ECB) continued to increase by 50 basis points despite the Credit Suisse crisis indicates that inflation is a major concern for central banks at the moment. It is not yet clear whether the Fed will take a similar stance to the ECB.
The TD Sequential indicator draws attention in Bitcoin
Popular analyst Ali Martinez points out that according to technical charts, Bitcoin is currently facing significant resistance at $28,000, while $27,000 is a critical support level for the cryptocurrency. Martinez uses the following expressions:
TD Sequential presents a sell signal on the 1-day chart of BTC. A 1 to 4 candlestick correction awaits that could push BTC below the $27,000 support and trigger a drop to $26,000-25,300. Bitcoin must close above $28,200 to invalidate the sell signal and not drop to $29,600.
On the other hand, the supply of Bitcoin on exchanges has increased significantly as much as last week. This could mean continued potential selling pressure on BTC. Meanwhile, cryptocoin.com As we have also reported, the TD Sequential indicator is important in the cryptocurrency market, as the 25 signal was correct before. This signal correctly predicted Bitcoin’s 2019 top and bottom price 3-4 years ago. Likewise, the peaks and troughs in 2017 and 2018 were the data that TDS correctly predicted. He also got many price movements right for altcoins such as XTZ, LINK, ETH. Most recently, it gave a bullish signal for BTC, which was on the verge of $20,000 last week.
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