After an impressive rally in the first two weeks of March, Bitcoin‘s price ended last week on a Doji candlestick pattern, indicating a stalemate between buyers and sellers at around $28k. This has led most cryptocurrency traders to avoid the market to prevent forced liquidation, as reflected in the low level of liquidation in the crypto market, which stands at around $48 million, compared to over $350 million recorded two weeks ago.
Global banking crisis fuels Bitcoin rally
Bitcoin‘s price has risen by nearly 70% YTD, while most banking stocks have seen double-digit percentage losses in the same period. This rally can be attributed to the ongoing global banking crisis and rising inflation.
Regulatory uncertainty
The ongoing crypto regulatory scrutiny in the United States has raised uncertainty about short-term Web3 adoption in the country. The SEC intends to classify all digital assets, except Bitcoin, as unregistered securities. Additionally, U.S. financial regulators seek to classify crypto-staking products as unregistered securities.
Bitcoin price analysis
Analyst Rekt Capital believes that Bitcoin has officially entered a fresh macro bull market with its recent breakout from $25k. However, the current neutrality between Bitcoin bulls and bears in the weekly time frame shows short-term weakness.
Analysts predict that Bitcoin price could dip to gain fresh buyer interest at lower levels.
Source: https://coinpedia.org/bitcoin/bitcoin-price-trapped-in-a-strong-tug-of-war-can-the-bulls-push-to-30k-soon/