BITCOIN CORRECTS IN PRICE AS CZ BINANCE’S RED NOTICE ALLEGATIONS FLOAT AROUND
Within the last 24 hours, a rumor has been floating around the market about a Red Notice for the Binance Founder and CEO, CZ Changpeng “CZ” Zhao, from Twitter user, Cobie. This was unable to be backed fully so the information was deemed unjust and non-informative.
Bringing to light within the trend above, it seems Bitcoin’s price has been steadily recovering, compressing itself into an apex that looks geared for continuation to the upside.
Some are citing the economic turn that the Federal Reserve may have to complete to keep the economy afloat, turning on relief for the American Economy, or cutting interest rates entirely as the PCE comes in below expectations for March 2023. Information on this can be found here.
DOGECOIN LEAPS UPON ELON’S TWITTER ICON CHANGE
Late Monday afternoon, Musk tweeted out this photo, along with actually changing the logo for Twitter on desktop. This sent investors into a frenzy over the oldest Dog coin, Dogecoin, which prompted Dogecoin to close with + 21.51% for Mondays price action.
Upon the rally of Dogecoin, the crypto market pushed up to $1.19 trillion in evaluation, citing an increase of the digital asset space of 1.14%
BITCOIN BOUNCES OFF SUPPORT AND CONTINUES IN TREND
Bitcoin is showing signs of strength, pushing itself against a heavy resistance of the $28,335 range. Following suit, Bitcoin’s move could come as late as next week, but yielding a great outcome with many thinking that $30,000 BTC will come before a $25,000 price tag.
A short term move could bring an early result to price action in BTC, retesting the $29,300 region that it had seen last month, just a few days ago. Holding the critical zone, the .702 fibonacci, and pushing the .786, may give that early indicator that BTC may be breaking for $30,000. The RSI, or Relative Strength Index, is pointing itself to the same conclusion, indicating that a pop in action should be present for the crypto.
If BTC does lose trend, expect to see $26,500 retested and $25,000 respectively. At the moment, BTC is showing lower highs, and higher lows, condensing into an apex where price will have to adjust itself, considering BTC has been trending sideways for the last 2 weeks. (We can site the Ethereum chart below, showing that some kind of move like this may be in the cards for the Bitcoin price chart.)
