{"id":18358,"date":"2023-05-02T10:03:11","date_gmt":"2023-05-02T10:03:11","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/bitcoin-price-sweeps-lows-but-analysis-still-predicts-a-25k-dive\/"},"modified":"2023-05-02T10:03:13","modified_gmt":"2023-05-02T10:03:13","slug":"bitcoin-price-sweeps-lows-but-analysis-still-predicts-a-25k-dive","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/bitcoin-price-sweeps-lows-but-analysis-still-predicts-a-25k-dive\/","title":{"rendered":"Bitcoin price sweeps lows, but analysis still predicts a $25K dive"},"content":{"rendered":"
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Bitcoin (BTC) fought for $28,000 support on May 2 after the month opened to multi-day lows.<\/p>\n

BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/figcaption><\/figure>\n

BTC price: “Big volatility on the horizon”<\/h2>\n

Data from Cointelegraph Markets Pro and TradingView followed BTC\/USD as it returned to the $28,000 mark on Bitstamp.<\/p>\n

The previous day\u2019s Wall Street open had brought the latest wave of downside volatility, with the pair dipping below $27,700.<\/p>\n

This followed a leg lower immediately after the weekly and monthly close, with $30,000 and upward feeling increasingly out of reach.<\/p>\n

Market participants\u2019 BTC price targets reflected the mood. Micha\u00ebl van de Poppe, founder and CEO of trading firm Eight, argued that a rematch with both $25,000 and $30,000 was still on the table.<\/p>\n

\u201cNothing is for certain, but sweep done on Bitcoin,\u201d he told<\/a> Twitter followers about the latest lows. <\/p>\n

\u201cBreaking through $28.4K and we could be back to $30K in a few days. Not breaking and folding coming days, $25K next. Big volatility on the horizon.\u201d<\/p><\/blockquote>\n

BTC\/USD annotated chart. Source: Micha\u00ebl van de Poppe\/Twitter<\/em><\/figcaption><\/figure>\n

Referring to the May 3 Federal Reserve decision on interest rate policy, a further post described<\/a> Bitcoin as being \u201cin sideways territory, where bears and bulls have arguments for both biases.\u201d<\/p>\n

\u201cLots of fear going into the event of the FED tomorrow, probably unwarranted, but we’ll see. Expecting slightly deeper,\u201d Van de Poppe added.<\/p>\n

Bank stocks squeeze fails to inspire crypto<\/h2>\n

In terms of the Fed event itself, little was left to the imagination, with market sentiment beyond crypto pricing in an almost guaranteed 0.25% rate hike.<\/p>\n

Related:\u00a0Second-biggest US bank failure \u2014 5 things to know in Bitcoin this week<\/em><\/strong><\/p>\n

The odds as of May 2, according to CME Group’s FedWatch Tool, stood at 97.4%.<\/p>\n

This would copy the Fed\u2019s March decision, which, like now, was accompanied by trouble in the United States banking sector. <\/p>\n

May 1 saw multiple local lenders shed value in an environment strongly reminiscent of six weeks prior. Unlike then, however, Bitcoin appeared in no mood to capitalize on the fallout.<\/p>\n

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US Regional Bank Stocks Today: <\/p>\n

1. Valley National, $VLY<\/a>: -20%
2. Metropolitan Bank, $MCB<\/a>: -18%
3. HomeStreet Bank, $HMST<\/a>: -18%
4. HarborOne, $HONE<\/a>: -11%
5. PacWest, $PACW<\/a>: -10%
6. Citizens Financial, $CFG<\/a>: -7%
7. Zions Bank, $ZION<\/a>: -4%
8. KeyCorp, $KEY<\/a>: -4%
9. M&T Bank, $MTB<\/a>:\u2026<\/p>\n

\u2014 The Kobeissi Letter (@KobeissiLetter) May 1, 2023<\/a><\/p><\/blockquote>\n

Magazine: Shirtless shitposting and hunting SBF on the meme streets: Gabriel Haines, Hall of Flame<\/strong><\/em><\/p>\n

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.\n<\/p>\n<\/div>\n