04-11-2023, 05:48 AM
Bitcoin briefly touches $30k as broader crypto market continues to beat flailing leg
<!-- SC_OFF --><div class="md"><p>If BTC can continue to keep up steam, the $30k auto-selling options will be exhausted possibly leading to a major break past the fairly strong resistance level.</p> <p>Legacy markets are still reeling from major banking and financial uncertainty, with sources pointing to a possible repeat of the 2008 market crashes but in multiple markets rather than housing itself. <a href="https://markets.businessinsider.com/news/stocks/12-charts-economy-full-blown-recession-jobs-manufacturing-real-estate-2023-4">https://markets.businessinsider.com/news/stocks/12-charts-economy-full-blown-recession-jobs-manufacturing-real-estate-2023-4</a></p> <p>The S&P 500 by itself is almost at the exact same level it was in February (around 4,100) while the crypto space has continued to show healthy percentage gains through this year in the face of global financial uncertainty.</p> <p>The majority of major coins are all experiencing upward movement with many looking to break some fairly hard resistance levels, which could cause a moderate short squeeze and extend pressure on short selling hedge funds.</p> <p>In the USA, the federal reserve has put themselves in a bind after years of 0% interest borrowing, inflation is still running rampant while their rate hikes have reached roughly 5%. This is significant especially because the FED is rumored to begin a more "dovish" approach and will pause or maybe even begin decreasing rates in the coming quarters. <a href="https://fortune.com/2023/02/02/jerome-powell-press-conference-inflation-dovish-rate-hike-disinflation-process-started-market-rally/">https://fortune.com/2023/02/02/jerome-powell-press-conference-inflation-dovish-rate-hike-disinflation-process-started-market-rally/</a></p> <p>The crypto space as a whole is beginning to prove the entire reason it was created in the first place, staying strong while legacy markets flail and figure out what to do next.</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/shlammyjohnson"> /u/shlammyjohnson </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/12i32fg/bitcoin_briefly_touches_30k_as_broader_crypto/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/12i32fg/bitcoin_briefly_touches_30k_as_broader_crypto/">[comments]</a></span>
<!-- SC_OFF --><div class="md"><p>If BTC can continue to keep up steam, the $30k auto-selling options will be exhausted possibly leading to a major break past the fairly strong resistance level.</p> <p>Legacy markets are still reeling from major banking and financial uncertainty, with sources pointing to a possible repeat of the 2008 market crashes but in multiple markets rather than housing itself. <a href="https://markets.businessinsider.com/news/stocks/12-charts-economy-full-blown-recession-jobs-manufacturing-real-estate-2023-4">https://markets.businessinsider.com/news/stocks/12-charts-economy-full-blown-recession-jobs-manufacturing-real-estate-2023-4</a></p> <p>The S&P 500 by itself is almost at the exact same level it was in February (around 4,100) while the crypto space has continued to show healthy percentage gains through this year in the face of global financial uncertainty.</p> <p>The majority of major coins are all experiencing upward movement with many looking to break some fairly hard resistance levels, which could cause a moderate short squeeze and extend pressure on short selling hedge funds.</p> <p>In the USA, the federal reserve has put themselves in a bind after years of 0% interest borrowing, inflation is still running rampant while their rate hikes have reached roughly 5%. This is significant especially because the FED is rumored to begin a more "dovish" approach and will pause or maybe even begin decreasing rates in the coming quarters. <a href="https://fortune.com/2023/02/02/jerome-powell-press-conference-inflation-dovish-rate-hike-disinflation-process-started-market-rally/">https://fortune.com/2023/02/02/jerome-powell-press-conference-inflation-dovish-rate-hike-disinflation-process-started-market-rally/</a></p> <p>The crypto space as a whole is beginning to prove the entire reason it was created in the first place, staying strong while legacy markets flail and figure out what to do next.</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/shlammyjohnson"> /u/shlammyjohnson </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/12i32fg/bitcoin_briefly_touches_30k_as_broader_crypto/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/12i32fg/bitcoin_briefly_touches_30k_as_broader_crypto/">[comments]</a></span>