Bitcoin Price Touches $26,700 – Is $30k Coming This Weekend?

Bitcoin recovery over the past few days has been a significantly bullish trend in the crypto market. The coin shows signs of continuous increase as it stays range-bound between $30k and $26k since March 17, 2023. At the time of writing, BTC is up by 4.88% at $27,337.  

Looking at Bitcoin’s price action in the last seven days, the asset may reach $30k by the weekend. Investors and traders expect this to happen as it would be a game changer in the market. On the other hand, the long-term analysis and prediction of the cryptocurrency can give a precise price outlook to expect.

Bitcoin Price Trend

Bitcoin began the year with irresistible crashes and fluctuations which caused it to sit between $20k and $24k throughout January and February. On March 1, 2023, it traded at $23,150 before dropping again to $20,370 after ten days (March 10, 2023).

Notwithstanding, the cryptocurrency kept pushing to regain a tangible value in the market, which led it to $24,770 on March 15, 2023. The following days have been eventful for Bitcoin, with fewer fluctuations.

As of today, March 18, BTC is trading at $27,332 and showing a 4.91% increase.

Bitcoin Price Prediction

Bitcoin has been signaling BUY in the past few days on the chart. Today, March 18, BTC is up by 4.37%, trading at $27,271. However, it’s expected to reach $30k, increasing by 1.35% by the weekend. Indicating GREED at 64 on the Fear and Greed Index, BTC is likely to enjoy several rallies before the end of the week.

BTC is also trading above its 50-Day Simple Moving Average (SMA), which indicates the current bullish sentiment of the crypto. It’s also trading above its 200-Day SMA and has indicated BUY since March 10, 2023 (8 days ago).

The Relative Strength Index (RSI) is at 71.62 which shows that Bitcoin is now in the overbought region (above 70) and indicates a possible price increase for the asset.

The value of Bitcoin’s Moving Average Convergence/Divergence (MACD) expresses a bullish sentiment as it’s above its signal line. This positive value confirms the current price of the asset.

The support levels of Bitcoin are $22,759, $23,829, and $25,570, while its resistance levels are $28,380, $29,451, and $31,191. The asset is trading a few pips above its most substantial support level of $25,570. Expect BTC to test the $30k in the next few days.

Note that the prices of cryptocurrencies are always unstable and can change from predicted price behavior. Therefore, in-depth technical analysis and risk management strategies are crucial before investing.

Factors influencing the Price of Bitcoin

Investor sentiments, competitions, and other crypto-related events can affect the price of Bitcoin. Let’s look at recent events and developments that significantly affect the crypto’s performance and price.

Opening of Hong Kong’s Crypto Regulatory Framework

Hong Kong is significantly striding towards becoming a universal cryptocurrency hub. The recent developments reveal the city’s intention to become an attractive spot for crypto-related ventures.

Check out "Regulation and the Global Financial Crisis" now available at https://t.co/GquHE6zdDz!

Read how experts, evaluate regulatory frameworks in responding to financial crises in financial systems and the future of #regulation. pic.twitter.com/mddeHngIsZ

— hkufintech (@HKUFinTech) March 14, 2023

The city’s domestic market is not limited to its endeavors to regulate the digital asset sector. Also, Hong Kong is exploring different approaches to work with other nations to develop a global regulatory framework for cryptocurrencies. This event has attracted other crypto industry players, including Huobi (Seychelles-based crypto exchange) and DBS (Singaporean bank).

Hong Kong’s administration is dedicated to launching an optimistic environment that supports the development and growth of the digital asset niche. The city’s plans to open a compulsory license for every stablecoin provider and crypto exchange within its region can affect Bitcoin in the future.

Failure of more crypto banks like Silicon Valley Bank

The collapse of SVB could have unleashed a few financial challenges in the US banking industry. As many customers pulled out their uninsured deposits, the crypto market had a significant impact.

The collapse of a crypto-friendly bank, #SilvergateBank, could have a big impact on the entire crypto industry,

including its partner crypto institutions and even government regulatory agencies. Here’s why: (thread)

— Gracy Chen (@GracyBitget) March 9, 2023

The past two weeks saw drastic contagion from the collapsed banks as it spread to Wall Street majors. Smaller financial institutions may be unable to make it out of uncertainty and fear. The KBW Nasdaq Bank Index (which monitors the performance of US top banks) fell by 30% in 2 weeks. These incidents only favored the crypto market, causing most cryptocurrencies, like Bitcoin, to rally heavily. 

Bitcoin Alternatives

Bitcoin’s current price is promising for investors and trading. The asset is expected to experience more rallies in the coming days. However, there are some other alternatives in the crypto market to consider.

C+Charge (CCHG)

C+Charge is a blockchain-centered platform that is bringing a revolution to the electric vehicle (EV) industry. It rewards EV drivers for paying to charge their electric vehicles via the P2P payment system. Users can access the platform using its mobile app to find charging stations, prices, and duration.

EV drivers receive carbon credits that can be redeemed with the network’s native token CCHG. C+Charge presale began in December 2022 and has raised over $3 million. It’s in its 7th presale stage with 1 CCHG equal to $0.02. However, the token price is expected to spike as it gets listed on other exchanges.

Fight Out (FGHT)

Fight Out is a ground-breaking Web3 ecosystem that boosts users’ health via fitness gamification and rewards users for completing fitness goals and competing in the metaverse. Its cutting-edge technology rewards users with a native token of FGHT for exercising with Fight Out’s app.

The network allows its users to connect with real-world professionals in the fitness and sports industry. Fight Out’s token presale has raised over $5 million with 1 FGHT equivalent to $0.03090 USDT. After the final presale stage, the token price will increase drastically as more investors join the market.