Bitcoin navigates major macro news week — Is $30,000 slipping from view?

View in browser Bitcoin navigates major macro news week — Is $30,000 slipping from view? "Remember that easy credit money is a highly experimental and dangerous technology that cannot be trusted with anything more than pocket change. Do not bank more than you are willing to use." — Saifedean Ammous Welcome to the Cointelegraph Markets weekly newsletter, where we look at the influential factors behind Bitcoin price action for the days ahead. Bitcoin bulls are decidedly unimpressed as BTC/USD begins a new week with multiple support retests near $28,000. A flat weekend gave way to volatility after the weekly and monthly candles closed, with shorters benefitting as bid support was pulled, facilitating a gap lower. That laid the foundations for continued lackluster performance into the week's first Asia trading session, this punctuated by news that failing First Republic Bank had been taken over by JPMorgan Chase. The second-largest bank failure in U.S. history, First Republic provides a firm reminder that the U.S. banking crisis, which hit the headlines in March, has not gone away. Unlike then, however, Bitcoin has so far failed to capitalize on the ramifications, staying lower despite the magnitude of First Republic's failure. To say BTC/USD is bearish would be an overstatement, however — traders remain cool on the latest moves, while under the hood, there are encouraging signals from investor behavior. In what promises to be a volatile week, Cointelegraph takes a look at what may end up moving markets with Bitcoin once again facing key resistance near $30,000. Continue reading to discover five main points of interest when it comes to BTC price performance. BTC slips further from $30,000 If weekend price action was boring, the new week is providing a firm jolt to Bitcoin hodlers waiting for something exciting to happen. Volatility returned overnight, and ahead of the Wall Street open, risk assets have yet to digest the U.S.'s second-biggest bank failure. Resistance, meanwhile, remains overhead, with traders demanding a rematch with $30,000 to flip bullish on BTC. Free report: The top 10 performing coins of 2023 The race to the top is on as 6 of these coins have shot up by triple-digits. The other 4 took off by double-digit gains. We believe the solid projects behind these coins will drive them to new highs in the coming weeks and months. Get the list for free to get in before they take off again. Click here now for instant access Tensions rise as First Republic becomes JPMorgan The macro conversation previously focused on this week's FOMC meeting and Fed interest rate hike, but things are changing. JPMorgan's takeover of First Republic Bank on May 1 marks the second-worst bank failure in the history of the U.S., and questions are already being asked about its legality. Add the Fed into the mix and the stage is set for some potential volatile moves across the risk asset spectrum this week. Monthly close avoids a worst-case scenario In terms of weekly and monthly performance, it's not all bad news for Bitcoin. April still outperformed February in terms of gains, with BTC/USD preserving its "up only" trend from Q1. Despite recent losses, meanwhile, not everyone is gloomy about the prognosis. On-chain data reinforces the idea that a bottom is in Bitcoin is doing serious numbers of on-chain transactions, and these are apt to hit new all-time highs. While volume remains lacking, the mood among analysts is upbeat based on the latest data. For on-chain analytics firm Glassnode, the lows oflate 2022 appear to be cementing themselves as a macro BTC price bottom. Sentiment stays sensitive Even a small fluctuation in price can have major ramifications when it comes to crypto market sentiment. As demonstrated by the Crypto Fear & Greed Index, movements within an established range continue to push sentiment toward its highest levels of "greed" since late 2021. This comes within the context of both Bitcoin and Ethereum residing near major psychological resistance levels. 3.5 million people follow us on social media: Download our official app: Share to Facebook Share to Twitter Forward email Cointelegraph Copyright © 2022, All rights reserved Mailing contact: Cointelegraph 21 W 46th St, New York, NY 10036-4119 USA You received this email because you signed up on our website.  Want to change how you receive these email? Unsubscribe | Update preferences