BTC experienced a small increase of 0.03% on Sunday and ended the week up 6.94% at $30,286 despite suffering a loss of 0.60% on Saturday.
On Sunday, BTC initially saw a dip to a low of $30,103, breaking through the First Major Support Level (S1) at $30,122. However, it regained momentum later in the day, reaching a high of $30,623 in the early evening. BTC also managed to surpass the First Major Resistance Level (R1) at $30,505 before reversing course and finishing the session at $30,286.
Crypto events remain non-existent during the week for Bitcoin
It appears that the past week ended on a quiet note for BTC, with no major crypto events to provide direction for investors.
One notable comment came from FOMC member Christopher Waller, who called for more rate hikes to bring inflation to target. This hawkish stance may have resonated with investors over the weekend, as Waller emphasized the need for further monetary policy tightening.
Waller’s hawkish comments caused the NASDAQ Composite Index to drop on Friday, while the dollar strengthened. This market reaction occurred despite disappointing US retail sales figures that raised concerns about the economic recovery.
In addition to these economic indicators, regulatory risk is also weighing on BTC’s potential to reach $31,000. The Securities and Exchange Commission’s (SEC) shift in focus to the decentralized finance (DeFi) space has created more uncertainty ahead of the digital asset sub-committee hearing. SEC Chair Gary Gensler is likely to face lawmakers’ scrutiny on the agency’s regulations given its enforcement approach and the collapse of FTX, which has created more market angst.
As always, investors should exercise caution and keep an eye on the latest news and developments in the cryptocurrency market, as well as broader economic indicators, to make well-informed investment decisions.
