As shares of First Republic Bank fell 50%, concerns about a fresh banking crisis in the United States led to Bitcoin reaching highs around $29,000 on Wednesday morning. According to analyst Crypto World on YouTube, the bullish trend for Bitcoin is not yet confirmed. At the time of writing, Bitcoin is slightly trading above the $29k level.
He said that the price is entering a significant area of resistance on the daily time frame between $28,000 and $29,500. They also highlighted that over the last one and a half weeks, Bitcoin has seen short-term bearish momentum.
He said, “We have not yet confirmed the continuation of that bullish Trend as in we haven’t confirmed the next significant upside so we’re still currently within this cool-off phase until we see a little more confirmation here on the daily time frame such as a break back Above This resistance in the price action or a bullish cross here in the MACD.”
The analyst said that we’re likely to go towards this price target, which is set at about $28.4k if Bitcoin sees a break above $27.8k. This area of resistance, which is the next significant one in the short term, is located between $28.7k and $29k and added that the market is in a larger bullish trend.
Talking about the outlook for the short-term, he said, “But on the smaller time frames I am currently leaning more bullish than bearish because we simply have multiple bullish confirmations signals here on the four-hour time frame and speaking of bullish confirmation signals taking a look at the funding rates for Bitcoin, Ethereum and all of these other coins because right now the funding rates across most exchanges for most of these coins are currently sitting in the negative.”
