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Investing.com – Spent more than 10 days chopping around the 28,000 level before finally testing the $29,000 level today.
However, no specific reports could be linked to the rally that could explain the cryptocurrency’s rally.
Bitcoin’s good performance is notable as it follows a string of not encouraging news for the cryptocurrency industry. Notable among the cryptocurrency news recently was the CFTC’s filing of a lawsuit against Binance, accusing the exchange giant of offering unregistered cryptocurrency derivatives, among other things.
“The market has responded positively despite the CFTC news, largely because the broader macro picture suggests a return to quantitative easing and fiat money printing,” said Joe DiPasquale, CEO of crypto-assets manager Pitbull Capital, as reported. CoinDesk.
In this regard, it should be noted that the data expected to be released tomorrow will be the next event that will drive the market’s expectations regarding upcoming moves that could affect the markets.
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Bitcoin technical price forecast
From a technical point of view, bitcoin needs to hold the previous high at $28,800 to maintain the positive momentum.
On the other hand, there are no obstacles in the path of Bitcoin to $30,000, so this important psychological threshold can be tested at any time.
A correction below $28,800 will be the first support to watch in the pair at $28,000, $27,000 and $26,500.
