{"id":523498,"date":"2023-03-17T10:25:27","date_gmt":"2023-03-17T10:25:27","guid":{"rendered":"https:\/\/ktsl888.com\/?p=523498"},"modified":"2024-06-11T07:42:54","modified_gmt":"2024-06-11T07:42:54","slug":"bitcoin-blasts-26000-gearing-up-bullish-weekend","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-blasts-26000-gearing-up-bullish-weekend\/","title":{"rendered":"Bitcoin Blasts Past $26,500, Gearing Up For Another Bullish Weekend"},"content":{"rendered":"

[vc_row][vc_column][vc_column_text]The Bitcoin price has once again risen above $26,000, responding to the extremely bullish macro environment. If the rally continues and a breakout above the current key resistance on the daily chart is confirmed, the Bitcoin price could be in for a bullish weekend.<\/p>\n

The macro environment has changed radically in the last week. First and foremost, the US Federal Reserve (fed) has turned on the money printer again to bail out US banks. Within the last week, the Fed added a whopping $300 billion in assets to its portfolio, offsetting quantitative tightening (QT).<\/p>\n

This amount is record-breaking. The only time the Fed added<\/a> a larger amount was shortly after the March 2020 crash caused by COVID ($500 billion). In addition, bond yields have crashed by over 25%. The Consumer Price Index (CPI) has also fallen to 6.0% on an annual basis, in line with expectations.<\/p>\n

Due to these events, the expected interest rate rand pace of hikes have radically changed in the last week, from further tightening and “higher for longer” to imminent easing.<\/p>\n

Related Reading: Bitcoin Price Set To Rally As Macro Backdrop Is Perfect, Here\u2019s Why<\/a><\/div>\n

German journalist and author Holger Zschaepitz also drew attention today to the fact that quantitative easing (QE) is taking place around the world and is driving stock markets (and thus Bitcoin) up:<\/p>\n

It’s the liquidity, stupid! This chart shows why stocks are rising in the midst of the banking crisis. Central banks are again pumping billions in liquidity into the market. The combined balance sheet of the 3 leading CenBanks rising again.<\/strong><\/p><\/blockquote>\n

\"central
Central banks practicing QE | Source: Twitter @Schuldensuehner<\/a><\/figcaption><\/figure>\n

Bitcoin Price Ahead Of Starting A Major Rally?<\/h2>\n

Analyst Martinez shared the chart below and stated, “If this bullish megaphone is the governing pattern behind BTC price action, we could be about to witness another bullish weekend!”<\/p>\n

\"Bitcoin
Bitcoin megaphone pattern | Source: Twitter @ali_charts<\/a><\/figcaption><\/figure>\n

Founder of Eight Global and analyst Micha\u00ebl van de Poppe calls Bitcoin’s current move<\/a> “great” as the price has broken through the key resistance area at $25,000 and is attacking the yearly highs. He added:<\/p>\n

On lower timeframes, I’m watching whether $25.9K can sustain today for support. If it can’t, harsh correction might be it. If we can, $28K-30K is next -> potential shorts.<\/strong><\/p><\/blockquote>\n

\"Bitcoin
Bitcoin price poised for $28k? | Source: Twitter @CryptoMichNL<\/a><\/figcaption><\/figure>\n

Renowned analyst Bob Loukas also expects<\/a> a move towards $28,000. \u201c$BTC seems to be chipping away at overhead resistance at the $25k range in an early cycle move. Feels like a move to $28k-$32k will be next, once cleared.\u201d<\/p>\n

Related Reading: Bitcoin Priced In Bank Shares Is The Crypto Chart You Can\u2019t Miss<\/a><\/div>\n

Referring to the chart below, the analyst “exitpump” discusses that Bitcoin has managed an impulsive breakout after several attempts with large volume. In addition, the perps’ buying delta is much larger this time as the shorts have been liquidated and now only the longs are going for it. “Want to see limit buyers chasing the price,” the analyst added.<\/p>\n

\"Bitcoin
Bitcoin sees explosive price move | Source: Twitter @exitpumpBTC<\/a><\/figcaption><\/figure>\n

However, there are also cautionary voices warning of another setback. Greeks.Live states 46,000 BTC options with a put-call ratio of 1.11, a maximum pain point of $23,000 and a face value of $1.18 billion are about to expire.<\/p>\n

Meanwhile, analysts from The Kobeissi Letter explain<\/a> that “nothing adds up.” Among other things, they state that tech stocks are rising as if a recession has been avoided. Oil prices are falling as if we were in a recession. Regional banks are down as if the banking system has collapsed. Big banks are rising as if the banking system is fine.<\/p>\n

“We are at a major pivot point all around the board, especially with Fed policy in question. Next few weeks are big,” the analysts concluded<\/a>.<\/p>\n

At press time, the Bitcoin price was at $26,447 and (shortly) exceeded $26,500 for the first time in over 9 months.<\/p>\n

\"BTC
Bitcoin price, 1-day chart | Source: BTCUSD on TradingView.com<\/a><\/figcaption><\/figure>\n
Featured image from iStock, chart from TradingView.com<\/div>\n

[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n","protected":false},"excerpt":{"rendered":"

[vc_row][vc_column][vc_column_text]The Bitcoin price has once again risen above $26,000, responding to the extremely bullish macro environment. If the rally continues and a breakout above the current key resistance on the daily chart is confirmed, the Bitcoin price could be in for a bullish weekend. The macro environment has changed radically in the last week. First and foremost, the US Federal Reserve (fed) has turned on the money printer again to bail out US banks. Within the last week, the Fed added a whopping $300 billion in assets to its portfolio, offsetting quantitative tightening (QT). This amount is record-breaking. The only time the Fed added a larger amount was shortly after the March 2020 crash caused by COVID ($500 billion). In addition, bond yields have crashed by over 25%. The Consumer Price Index (CPI) has also fallen to 6.0% on an annual basis, in line with expectations. Due to these events, the expected interest rate rand pace of hikes have radically changed in the last week, from further tightening and “higher for longer” to imminent easing. Related Reading: Bitcoin Price Set To Rally As Macro Backdrop Is Perfect, Here\u2019s Why German journalist and author Holger Zschaepitz also drew attention today to the fact that quantitative easing (QE) is taking place around the world and is driving stock markets (and thus Bitcoin) up: It’s the liquidity, stupid! This chart shows why stocks are rising in the midst of the banking crisis. Central banks are again pumping billions in liquidity into the market. The combined balance sheet of the 3 leading CenBanks rising again. Bitcoin Price Ahead Of Starting A Major Rally? Analyst Martinez shared the chart below and stated, “If this bullish megaphone is the governing pattern behind BTC price action, we could be about to witness another bullish weekend!” Founder of Eight Global and analyst Micha\u00ebl van de Poppe calls Bitcoin’s current move “great” as the price has broken through the key resistance area at $25,000 and is attacking the yearly highs. He added: On lower timeframes, I’m watching whether $25.9K can sustain today for support. If it can’t, harsh correction might be it. If we can, $28K-30K is next -> potential shorts. Renowned analyst Bob Loukas also expects a move towards $28,000. \u201c$BTC seems to be chipping away at overhead resistance at the $25k range in an early cycle move. Feels like a move to $28k-$32k will be next, once cleared.\u201d Related Reading: Bitcoin Priced In Bank Shares Is The Crypto Chart You Can\u2019t Miss Referring to the chart below, the analyst “exitpump” discusses that Bitcoin has managed an impulsive breakout after several attempts with large volume. In addition, the perps’ buying delta is much larger this time as the shorts have been liquidated and now only the longs are going for it. “Want to see limit buyers chasing the price,” the analyst added. However, there are also cautionary voices warning of another setback. Greeks.Live states 46,000 BTC options with a put-call ratio of 1.11, a maximum pain point of $23,000 and a face value of $1.18 billion are about to expire. Meanwhile, analysts from The Kobeissi Letter explain that “nothing adds up.” Among other things, they state that tech stocks are rising as if a recession has been avoided. Oil prices are falling as if we were in a recession. Regional banks are down as if the banking system has collapsed. Big banks are rising as if the banking system is fine. “We are at a major pivot point all around the board, especially with Fed policy in question. Next few weeks are big,” the analysts concluded. At press time, the Bitcoin price was at $26,447 and (shortly) exceeded $26,500 for the first time in over 9 months. Featured image from iStock, chart from TradingView.com [\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n","protected":false},"author":571,"featured_media":523506,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119],"class_list":["post-523498","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc"],"acf":[],"yoast_head":"\nBitcoin Blasts Past $26,000, Gearing Up For Bullish Weekend<\/title>\n<meta name=\"description\" content=\"Is Bitcoin Price Ahead Of Starting A Major Rally? 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Through his extensive work with ktsl888.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field. His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone. With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake\u2019s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage. Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control. For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality. As a journalist, Jake\u2019s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies. In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it\u2019s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake\u2019s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time. 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