Bitcoin Bulls on the Rise: Is Another Faceoff at $30K Imminent as Cryptocurrency Surges Above $29,500?

Bitcoin bulls are on the rise as the cryptocurrency climbs above $29,500, setting a new May high. Observers speculate that the cryptocurrency is slowly heading towards another face-off at $30,000, as traders eye a potential breakout.

Data from Cointelegraph MarketsPro and TradingView show that BTC/USD has spiked to $29,529 on Bitstamp, pushing back after a brief fall with US equities at Wall Street’s opening schedule the day before. Bearish trends have been constantly affecting the market’s sentiment, and the US Banking crisis did not help much, causing further jitters amongst investors.

Whalewire tweeted that “100% of all regional banks in the United States have their stocks in the red today, for the first time ever. This comes a day after Federal Reserve Chair Jerome Powell said the US banking system was stronger than ever.”

The Kobeissi Letter also commented on the issue stating, “Today is the first day since March that markets are taking the banking crisis seriously,” and further mentioned that “S&P 500 is down over 100 points from its high this week while regional banks are at fresh lows. At first, it appeared the crisis was isolated. Perhaps this isn’t as isolated as it seemed.”

Following the Federal Reserve’s recent decision to increase Interest rates, the market’s expectations have shifted to a conversation about when the cycle will end, rather than when the next peak will occur. According to CME Group’s FedWatch Tool, the next rate decision is due to happen in mid-June, and the market isn’t expecting another increase in rates.

Some traders speculate a possibility of a $32,000 range for BTC/USD, playing around with alternative ideas in the cryptocurrency market. Similarly, traders like Trader Tardigrade and Ninja have offered advice that is more abrupt about the current market trend for Bitcoin, with speculations that the cryptocurrency’s value is being stored for the incoming bull run.

Ninja wrote that, “bulls should hold above $28.9-$29k…the quicker they reclaim above $29.2k the better,” offering insight to Bitcoin’s potential for the future.

This article does not offer investment advice or recommendations; all investors should consider the risks and make independent decisions.