Bitcoin price edged higher on Wednesday while still remaining within a three-week old horizontal channel. Even so, the bulls are still in control and may soon yield enough momentum to break the range-bound trading.
What’s driving the market?
As has been the case in recent months, the crypto market is moving in tandem with the US stock market. Over the past three weeks, Dow Jones Industrial Average has been rather range-bound amid the banking crisis and subsequent recession concerns. S&P 500 and Nasdaq have also exhibited a similar trend.
Even with the range-bound trading, the bulls remain in control and will likely gather enough momentum to boost BTC/USD to and past the psychological level of $30,000. Indeed, the crypto fear & greed index, which is one of the measures of the market sentiment, remains on the greed end of the spectrum. Granted it has eased from Tuesday’s reading of 59 to 57.
Notably, the global crypto market cap has risen by 5.17% over a span of 24 hours to $1.19 trillion. During the same timeframe, the total crypto market volume was up by 9.86% at $47.52 billion.
Bitcoin price prediction
BTC/USD remained range-bound in early Wednesday trade as it hovered around 28,000. Prior to 19th March, that level had been evasive for about 9 months. As at the time of writing, it was up by 4.03% at 28,350.32.
A look at its daily chart shows bitcoin price still trading above the 25 and 50-day EMAs. While I am bullish on the crypto, I acknowledge that the range-bound trading may continue for a while longer. As such, the range between 29,251.64 and 26,550.49 will be worth watching.
Easing of the buying pressure may yield a pullback past the aforementioned range to find support at 25,303.81. On the upside, a fresh catalyst will refuel the rally to the next target at 30,775.36.