On the daily chart below for BTCUSD, we can see that the big rally since the Silicon Valley Bank collapse has stalled around the $30K level as the bullish catalysts for Bitcoin Bitcoin Bitcoin is the largest and world’s first digital currency launched back in 2009 by the entity, Satoshi Nakamoto. Being a digital currency, a defining feature of Bitcoin is that it functions without a central bank or single administrator. Rather, Bitcoin instead can be sent by peer-to-peer (P2P) networking, which is itself absent of any intermediaries.Instead of being a physical currency, Bitcoins represent pieces of digital code that can be sent and received across a kind of distributed ledger n Bitcoin is the largest and world’s first digital currency launched back in 2009 by the entity, Satoshi Nakamoto. Being a digital currency, a defining feature of Bitcoin is that it functions without a central bank or single administrator. Rather, Bitcoin instead can be sent by peer-to-peer (P2P) networking, which is itself absent of any intermediaries.Instead of being a physical currency, Bitcoins represent pieces of digital code that can be sent and received across a kind of distributed ledger n Read this Term are getting exhausted. In fact, we saw the cryptocurrency surge in value due to the easing in financial conditions and the drop in real yields, which is also what made gold to rally and bring into the spotlight the correlation between the two assets again.

The price has been trading around this level for over a month now and the whole move since the SVB collapse has been diverging with the MACD, which is a sign of weakening momentum. Unless we get a soft-landing scenario, it’s hard to see Bitcoin going much further from here.

BTCUSD technical analysis

On the 4 hour chart below, we can see that the market is stuck in a symmetrical triangle pattern. This type of consolidation can be both bullish and bearish depending on what side the price breaks out from. At the moment, there’s not much to do for traders than just wait for a breakout supported by a fundamental catalyst. Today, there’s the NFP report and we are likely to see big moves in the markets. Maybe, we will see Bitcoin breaking out.

On the 1 hour chart below, we can see that in the very short-term the price has been trading in a rising channel within the triangle. For short-term traders it may give some opportunities. The buyers should lean on the lower bound of the channel and the 28911 level to target another push to the upside and possibly a breakout.

The sellers, on the other hand, will want to see the price to break below the lower bound of the channel and the support level to pile in and target the bottom of the triangle hoping for a breakout.