Bitcoin price consolidates near $29k as altcoins trade mixed Bitcoinprice BTC crypto
- From the macro perspective, the cryptocurrency market continued to consolidate on Thursday as Bitcoin’s price coiled tighter within the range it has been trading in since the middle of March while the altcoin market was evenly split between winners and losers.
Data from TradingView shows that Bitcoin’s price oscillated around the $29,000 support level in Thursday’s trading, hitting a high of $29,430 in the morning before falling to a daily low of $28,750 in the afternoon, only to return to support near $29,000.The ramp-up in price that started late on Wednesday helped push May Bitcoin futures higher in early trading, according to Kitco senior technical analyst Jim Wyckoff, who noted that “Trading remains choppy and sideways in a range.
“Just after the US Federal Reserve unveiled its 10th interest rate hike of 25 BPS, the market reacted by tumbling, confirming the fears institutional has about the economy that made them sell off their BTC bags,” Bekbauov said. “The current recovery is not a surprise considering the market has a propensity to reverse its course on the back of its volatility.”
“The price of Bitcoin is poised to close Q2 at a price not less than $35,000,” he said. “The basis upon which this growth will be hinged rests on the generally accepted belief by Bitcoin ideologists, including myself, that the coin will soon assume a crucial role in the future of money and its embrace as the leading cryptocurrency.
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