Bitcoin price prediction as BTC bounces off local bottom and targets $30,000 level – what happens next?

Bitcoin’s price has recently rebounded from a local low, sparking renewed optimism among investors and traders.

With the leading cryptocurrency targeting $30,000 again, market participants are wondering what will happen next.

Will this rebound mark the end of the downtrend or is it just a temporary respite before the next downturn?

This update will examine the factors that could affect Bitcoin’s price action and provide predictions for its future movements.

US Banking Crisis Fuels Bitcoin’s Rise Toward $30,000 Milestone

Bitcoin’s recent surge began after the second major bank failure in the United States and sparked concerns about the entire banking industry.

Additionally, PacWest Bancorp shares took a sharp hit following the failure of First Republic Bank on its disappointing first-quarter earnings report.

According to CNBC, a Gallup poll found that about 50% of Americans are concerned about the safety of their money at banks.

The banking crisis in the US has started to affect several regional banks, further shifting market sentiment in favor of other safe haven assets such as gold and bitcoin.

Consequently, BTC/USD is gaining strength and prices are moving towards the key $30,000 level.

Additionally, the instability that began two months ago in the US banking sector has proven highly beneficial for Bitcoin, as the cryptocurrency’s share of the broader market has surged during this period.

According to TradingView, Bitcoin’s dominance rate has increased from 42% to 49% since March, hitting its highest level in 22 months.

Argentina’s central bank ban on bitcoin payments is hampering BTC’s climb to $30,000

On Friday, Argentina’s central bank took a firm stance against bitcoin, releasing a statement stating that payment platforms are now banned from offering cryptocurrencies like bitcoin.

The bank cited the need to mitigate the risks associated with transferring digital assets as the main reason for this decision.

Several online payment companies that offer crypto trading to their customers, including Mercado Libre and Uala, will no longer be able to offer bitcoin buying services.

The main objective is to protect clients from high volatility and the risks that come with it. This news out of Argentina will no doubt impact the number of Bitcoin transactions in the region and consequently cap BTC/USD gains on Saturday.

bitcoin price

Bitcoin is currently trading at $29,417, up over 1%. BTC/USD extends its daily gains so far and is heading towards the $30,000 level.

Bitcoin technicals remain consistent as BTC trading is mostly consistent with our Bitcoin price prediction.

On the four-hour chart, Bitcoin remains above the 50-day exponential moving average and is acting as a key support level around $28,700.

This level has served as a significant resistance for BTC this week. Nonetheless, closing candles above $28,700 increases the chances of a bullish recovery in BTC.

Bitcoin could find immediate support near the 27,600 level, indicated by a trend line on the 4-hour chart.

If the price breaks this critical 27,600 level, BTC could be on the way to the next support level at 27,200.

Bitcoin price chart – Source: Tradingview

On the other hand, if BTC manages to break the $29,600 level, we could see its price rally north towards $30,400.

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Disclaimer: The Industry Talk section features insights from crypto industry players and is not part of Cryptonews.com editorial content.

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