Bitcoin Price Prediction As Market Volatility Sends BTC Towards $28K Support – When Is The Next Leg Up?

As market volatility rocks the crypto world, bitcoin’s price appears to be heading towards the $28,000 support level, leaving investors and traders wondering when the next surge will occur.

In this Bitcoin price prediction, we will examine the factors contributing to the current market volatility and analyze the potential scenarios that could unfold in the coming days.

Stay tuned as we dive into the roller coaster ride of the cryptocurrency market.

US banking turmoil is accelerating bitcoin’s rise towards the coveted $30,000 mark

Bitcoin’s recent surge began after the second major bank failure in the United States and caused unease throughout the banking sector.

Additionally, shares of PacWest Bancorp declined significantly following the failure of First Republic Bank on a disappointing first-quarter earnings report.

According to CNBC, a Gallup poll found that nearly 50% of Americans are concerned about the safety of their bank funds.

The US banking crisis is beginning to hit various regional banks, leading to a shift in market sentiment towards alternative safe havens such as gold and bitcoin.

As a result, BTC/USD is gaining momentum, with prices approaching the crucial $30,000 level.

Additionally, the turmoil in the US banking sector that started two months ago has been quite beneficial for Bitcoin as the cryptocurrency’s market share has seen a significant increase during that time.

According to TradingView, Bitcoin’s dominance rate has increased from 42% to 49% since March, hitting its highest level in 22 months.

bitcoin price

Bitcoin is currently showing a slight bearish trend, trading at $28,978 mostly unchanged, rebounding from 0.10%. The BTC/USD pair is benefiting from earlier daily gains and is heading towards the $30,000 level.

Bitcoin technicals remain stable, with BTC trading broadly in line with our price prediction.

On the four-hour chart, Bitcoin remains above the 50-day exponential moving average and offers crucial support around $28,700.

This level has been a significant resistance for BTC all week. Nonetheless, closing candles above $28,700 increases the chances of a bullish trend reversal for BTC.

Bitcoin price chart – Source: Tradingview

Bitcoin could find immediate support near the 27,600 level, indicated by a trend line on the 4-hour chart.

If the price breaks this critical 27,600 level, BTC could be on the way to the next support level at 27,200.

Conversely, if BTC manages to break the $29,600 level, we could see its price rally north towards $30,400.

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Disclaimer: The Industry Talk section features insights from crypto industry players and is not part of Cryptonews.com editorial content.

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