SNEAK PEEK

• The first quarter of 2023 has been a positive period for the recovering crypto markets, with the combined buying power of stablecoins amounting to $126.3B.
• Although the current figure is 21.7% less than last year’s March-end value, it represents a remarkable 114.5% increase from March 2021.
• With the decline in stablecoin buying power slowing down this week, a potential rise could signal a higher probability of Bitcoin’s rise.

The first quarter of 2023 has been a positive period for the recovering crypto markets, with the combined buying power of stablecoins amounting to $126.3B. This is a significant amount and highlights the important role stablecoins play in the crypto market’s overall performance. However, the current figure is 21.7% lower than last year’s March-end value, indicating a decline in the combined buying power of stablecoins.

Despite the recent decline, the year-over-year increase of 114.5% in stablecoin buying power suggests a growing adoption of stablecoins in the crypto market. Additionally, with the decline in stablecoin buying power slowed down this week, there is a potential for a rise, which could signal an increased probability of Bitcoin’s rise.

The close relationship between stablecoins and Bitcoin’s performance is notable, underscoring the importance of stablecoins in the crypto market’s overall health. As the crypto market continues to evolve, stablecoins are likely to play an increasingly crucial role in facilitating transactions and stabilizing prices.

Bitcoin Technical Analysis

The latest Bitcoin price analysis shows that Bitcoin has been trading on an uptrend pattern today as it continues to be supported above the $28,000 level. BTC had breached the 29,000 level before the bears came in and pushed the price back down yesterday. The bulls have taken over the market and are pushing the price higher, with strong resistance at $28,802.

The key support level for BTC/USD is present at the 27,500 level whereby a breakthrough could extend losses to the 27,000 level. On the upside, if the bulls can hold on and break above $28,802 then we could see BTC/USD rise to the 29,000 level. Currently, BTC is trading at $28,491 and has seen an increase of 2.58% in the past 24 hours.

The market capitalization for Bitcoin currently stands at $550 billion an increase of 2.58% in the last 24 hours while the trading volume stands at $16.9 billion a decrease of 14.61% which means that the bulls are battling the bears to have control of the market.

The hourly Bitcoin price analysis shows that the bulls have been at the lead for most of the day, but the bears are slowly gaining momentum. The buying pressure needs to rise for the bulls to keep their hold on the market and push BTC beyond the 28,000 level. BTC/USD is trading in a narrow range of $28,400 to $28,660 and the bulls will have to break beyond this range for a further price increase.

On technical indicators, the Relative Strength Index is at 58.01 showing that the market is above the neutral zone and there is still room for the buying pressure to increase to conquer the resistance at $28,802. The moving average (MA) at 28,378 is below the current price indicating that the bulls are still in control and can push the price higher. Moreover, the Bollinger Bands are squeezing, which could signal a breakout in the near future.

The technical indicators on the 24-hour chart are showing bullish momentum is still present. The RSI is at 64.59 which suggests that the buying pressure is increasing, while the Bollinger Bands have contracted to indicate a price breakout soon. The upper Bollinger band is at $30,117 possibly signaling the next target for BTC/USD with the lower band positioned at $24,385 for any downside corrections. Furthermore, the MA is just below the 28,000 level and the price is trading above it.

Overall, the bullish sentiment remains and the market is expected to rise further as long as the bulls can hold on above $28,000. A break beyond this level could lead to more price increases and BTC/USD could even find new support at the 29,000 level. But it is important to note that any sudden change in market sentiment could lead to a rapid price decline and investors should exercise caution while trading.

Disclaimer: Cryptocurrency price is highly speculative and volatile, and should not be considered financial advice. Past and current performance is not indicative of future results. Always do your research and consult with a financial advisor before making investment decisions.

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• Source: https://investorbites.com/bitcoin-price-analysis-01-4/