Bitcoin Price Prediction As Market Volatility Sends BTC Towards $28,000 Support – When Is The Next Leg Up?

As market volatility shakes the crypto world, Bitcoin’s price appears to be heading towards the $28,000 support level, leaving investors and traders wondering when the next leg up will materialize.

In this Bitcoin price prediction, we will explore the factors contributing to today’s market fluctuations and analyze the potential scenarios that could unfold in the coming days.

Follow along as we delve into the roller coaster that is the cryptocurrency market.

US bank turmoil accelerates Bitcoin’s climb towards the coveted $30,000 mark

The recent Bitcoin rally started after the second major bank failure in the United States, causing turmoil throughout the banking sector.

In addition, following the default of First Republic Bank, PacWest Bancorp shares saw a significant drop due to a disappointing first quarter earnings report.

According to CNBC, a Gallup poll revealed that nearly 50% of Americans are concerned about the safety of their money in banks.

The US banking crisis is beginning to affect 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 $30K mark.

In addition, the turbulence in the US banking sector that started two months ago has been quite beneficial for Bitcoin, as the cryptocurrency’s market share has experienced a significant increase during this time.

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

Bitcoin price

Bitcoin is currently showing a slightly bearish trend, trading at $28,978, mostly unchanged, jumping 0.10%. The BTC/USD pair is capitalizing on its previous daily gains, moving towards the $30K mark.

Bitcoin’s technical aspects remain stable, with BTC trading largely in line with our price prediction.

On the four-hour chart, Bitcoin is holding above the 50-day exponential moving average, providing crucial support around $28,700.

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

Bitcoin may 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 its way to the next support level at 27,200.

Conversely, if BTC manages to break above the $29,600 mark, we could see the price heading north towards $30,400.

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