Bitcoin Price Technical Analysis 01.05.2023

Analyzing the recent price movement of Bitcoin, it started an upward trend after the announcement of First Republic Bank’s financial statements, reaching levels up to $30,000.

While the price was in the resistance zone, Bitcoin experienced a sharp decline due to rumors of activity in MT-Gox and American wallets. However, even though these rumors were debunked and Bitcoin quickly recovered, it faced rejection from the resistance zone and underwent a pullback.

Looking at the current situation, the $26,570 region is our first support level that could potentially hold the price. The price may want to wick below this level to clear liquidations. As long as it holds above this area, I expect it to target the short liquidations I pointed out on the chart.

With the Fed interest rate decision being announced this week, I expect a volatile week. There is a 90% chance of a 25 bps increase being viewed as a certainty.

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Bitcoin Onchain Analysis 03.05.2023

Onchain analysis is the examination of data stored on the blockchain network and allows us to see what users are doing and how they behave on the blockchain. This data includes block details, transaction data, and smart contract information.