Bitcoin’s repeated failure to rise above $30,000 may result in more downside in the short term.
to acquire the deposits and a “substantial majority of assets” of troubled bank First Republic. This marked the failure of the third regional bank in the United States since March and laid bare the vulnerabilities in the legacy banking system.
Historical data does not give a clear advantage either to the bulls or the bears in May. The performance is split right in the middle withThe recovery in Bitcoin is facing a stiff hurdle above $30,000, indicating that the bulls are wary of buying at higher levels. That could be because of the upcoming Fed meeting on May 2 and 3, which is known to cause an increase in short-term volatility.
That would increase the likelihood of a break above 4,325. If that happens, the index could accelerate toward 4,500 and then 4,650. Such a move would suggest that the index may extend its stay inside the 100.82 to 106 range for a few more days.
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