Bitcoin (BTC) price opened the first week of May on a bearish outlook. Having closed April in a Doji candlestick, Bitcoin bulls are facing a challenging time ahead as cash flows to performing altcoins, particularly the meme coin industry. Nevertheless, there are several high-impact news this week, which could be a catalyst for Bitcoin’s bullish sentiment. Among them is the FOMC statement expected on Wednesday.
Meanwhile, the downfall of First Republic Bank, after the collapse of three regional banks in the United States has aroused fears of more bank runs. As a result, Bitcoin and other digital assets that offer deflationary aspects are expected to significantly benefit.
Bitcoin Price Analysis
On the weekly time frame, Bitcoin price has been forming a possible head-and-shoulder pattern that most often culminates in a selloff. Moreover, the weekly RSI has been showing a falling divergence on a triple top. According to respected cryptocurrency trader Michael van de Poppe, $27,800 and $28,300 are the crucial Bitcoin ranges for bullish traders to keep track of.
Altcoins Season
Bitcoin price has struggled to break above $30k in the recent past as more cash enters the meme coins industry. Top trending meme coins including Wojak (WOJAK) and Pepe (PEPE) have registered large profits in the past few days. For instance, WOJAK’s price was up more than 130 percent in the past 24 hours to trade around $0.00033392. Similarly, the Pepe coin edged more than 120 percent higher in the past 24 hours to trade around $0.00000136 on Monday.
As a result, most crypt analysts are significantly convinced the altcoin season has kicked in and more gains could be registered in the low cap alts in the coming weeks fueled by FOMO traders.
Source: https://coinpedia.org/altcoin/bitcoin-price-forms-bearish-outlook-at-28k-amid-memecoins-outburst/