After the bulls made the bears lose more than 700 million dollars in short positions (shorts), the week promises big moves for Bitcoin, as bulls They broke above the $25,000 resistance, turning it into support, and are already looking to lift BTC above the $30,000 psychological support..
This is indicated by an analysis by Bybit, also noting that macroeconomic factors should be favorable for Bitcoin this week, as the banking crisis in the US has strengthened cryptocurrencies. Recently, the world’s major central banks announced coordination to increase the supply of liquidity through standing US dollar swap line arrangements.
“This means that the main central banks of the world fear a global banking crisis, in addition to the decrease in economic activity, and are looking to increase liquidity in the marketbut at the same time, try to contain inflation. We have already seen in the 2020-2021 bullish cycle that an increase in liquidity means an increase for cryptocurrencies and risk assetsand as the bulls have already shown this weekend, this movement has already begun”, reviews the analysis.
And continues: “Therefore, unlike previous weeks where there was fear regarding the development of the market, this week promises to be bullish for BTC. Nothing prevents the bulls from achieving break the $30,000 resistance and find a weekly top near $32-33,000 throughout the week”.
Bybit points out that, with the global economy favoring the Bitcoin store of value thesis, it is difficult to imagine a bearish scenario, however, with the new manhunt from US regulators, particularly the SEC and CFTC, there may be a pushback at $25,000, but a possible bottom in the event of a drop is at $23,000.
According to the broker, we will see key levels with the first being the $30k resistance which if broken, which they believe it will, should drive BTC to a top of $32-33k. On the downside, you can see support formed at $25,000 which, if lost, can lead to a bottom at $23,000.
Disclaimer: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information presented here should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
It may interest you:
Investments in crypto assets are not regulated. They may not be suitable for retail investors and the entire amount invested may be lost. The services or products offered are not directed or accessible to investors in Spain.
