empty
InstaForex - Official partner of Dragon Racing
InstaForex - Official partner of Dragon Racing
This section is designed for those who are just starting their trading journey. InstaForex educational and analytical materials will meet your training needs. Our experts' recommendations will make your first steps to trading success simple and clear.
Start as Beginner
How to start trading
Useful information
Training and recordings
InstaForex innovative services are an essential element of productive investment. We strive to provide our clients with advanced technical capabilities and make their trading routine comfortable as we are recognized as the best broker in this regard.
Become Investor
PAMM System
ForexCopy System
Passive investments
Partnership with InstaForex is beneficial and top-tier. Join our affiliate programs and enjoy bonuses, partner rewards, and the possibility to travel with the team of the world-renowned brand.
Become Partner
Main Page
Partner Area
Advantages for Affiliates
Registration
This section contains the most lucrative offers from InstaForex. Receive bonuses when topping up an account, compete with other traders, and get real prizes even when trading in a demo account.
All Promo Campaigns
Bonuses
Contests
Events
Holidays with InstaForex are not only pleasant but also useful. We offer a one-stop portal, numerous forums, and corporate blogs, where traders can exchange experiences and become successfully integrated into the Forex community.
Full details
Forums
We are in social networks
Forex humour
Forex Portal
InstaForex is an international brand created in 2007. The company provides services for online FX trading and is recognized as one of the world's leading brokers. We have won the trust of more than 7,000,000 retail traders, who have already appreciated our reliability and focus on innovations.
Learn More
History
Why Choose Us
InstaSport
Regulation
Company News
Awards
InstaForex Stars
InstaForex Offline
Headquarters
Key documents
Social Responsibility
29.03.2023 11:16 AM
Bitcoin continues to move sideways, but the clouds are gathering: what to expect in the near term?
Open trading account Open demo account

The previous bullish week ended and left the cryptocurrency market in a state of increased volatility. The market has been consolidating and moving sideways for the fifth day to stabilize the situation. Trading volumes have fallen below $20 billion, and volatility has decreased significantly.

At the end of yesterday's trading day Bitcoin came close to the lower boundary of the $26.6k consolidation channel. However, the asset managed to rebound from this level and recover above $28k. This means that Bitcoin will retest the upper boundary of the consolidation channel in the near future.

This image is no longer relevant

The cryptocurrency has a ghostly chance to break through the upper border near $29k, and develop the next stage of the upward movement. This option is likely, but only within the framework of manipulative actions in order to collect liquidity beyond the resistance levels. Otherwise, the situation is becoming increasingly bearish, both fundamentally and technically.

Fundamental Factors

According to MarketDesk, Fed officials fear another round of rising inflation due to stimulus for the banking system. Against this background, the BlackRock investment fund makes a statement that the regulator will continue to raise the rate, and there is a high probability of dragging out the current monetary policy until the end of summer.

This image is no longer relevant

Goldman Sachs analysts said their estimate of the likelihood of a recession in the U.S. economy over the next 12 months rose from 25% to 35%. The index may rise even higher on Friday, on the release of GDP data for Q4 2022 and labor market statistics.

U.S. regulators continue to smoothly "squeeze" liquidity from the largest exchange, Binance. The CFTC has filed a lawsuit against the crypto exchange and wants a complete ban on the company's operations in the U.S., as well as all of its subsidiaries.

This image is no longer relevant

Against the background of this statement, the cryptocurrency market collapsed locally, having experienced an outflow of funds of more than $300 million per day. However, in addition to fundamental reasons, there are more and more technical signals that Bitcoin, and the entire market behind it, are moving in the direction of a corrective movement.

Profit-taking in BTC intensifies

As of March 29, Bitcoin was up 3.8% as part of a recovery move above $28k. On the daily chart, the cryptocurrency formed a bullish cross on the stochastic, which may indicate a further upward movement. At the same time, there is divergence on the MACD, and thus we should not expect great results from the upward move.

This image is no longer relevant

Last week, we noted emerging trends among long-term investors and miners. The former began to sell off their holdings when the price peaked above $28.5k. In the same period, miner stocks fell by 600 BTC in just two days.

This image is no longer relevant

Obviously, due to the lack of growth in the price of BTC and the retention of the key support at $26.6k, investors come to a decision in the form of profit-taking. Glassnode experts say profit-taking sentiment has expanded to short-term investors.

This image is no longer relevant

The current distribution period is also an important signal for a likely decline in the Bitcoin price. The price is testing the lower boundary of the current corridor with increasing volumes and volatility. At the same time, the recovery movement of the price occurs with falling volumes.

Results

Such observations indicate that bearish sentiment on the BTC market is growing, and in the near future, when the process of profit-taking will reach its apogee, we expect a breakdown of the $26.6k level. The nearest support zone for BTC will be $25k–$25.3k.

This image is no longer relevant

Subsequently, the asset may fall further to the levels of $23.6k–$24k and $22.1k. Simultaneously with the price decline there will be a stage of mass redistribution of BTC coins and liquidity withdrawal, which in the medium term will become a springboard for movement to $30k.

Artem Petrenko,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
All Analytics
Fundamental analysis
US Dollar: Weekly Preview Once again, the dollar will be in the spotlight this week, not only because of the Federal Reserve meeting but also due to political developments in the United States
Chin Zhao
00:38 2025-06-16 +02:00
1165
Fundamental analysis
British Pound: Weekly Preview The UK will have at least one report that deserves attention. On Wednesday, the May inflation report will be released. According to market expectations, inflation will slow to 3.4% year-over-year
Chin Zhao
00:38 2025-06-16 +02:00
1195
Breaking Forecast Trading Plan Cryptocurrencies USD/RUB Russian Economy Video Analysis
Trading Instruments
EURUSD GBPUSD USDCHF USDCAD USDJPY AUDUSD EURGBP EURJPY NZDUSD EURNZD Silver Gold #CL #USDX COVID-19 Bitcoin
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

The Cryptocurrency Market Collapsed — Here's Why

Bitcoin and Ethereum have crashed. Bitcoin lost around 3.5% during morning trading alone, while Ethereum dropped by more than 10%, then slightly rebounded. Panic swept through the cryptocurrency market immediately
Jakub Novak 11:12 2025-06-13 UTC+2

Trading Recommendations for the Cryptocurrency Market on June 13

Bitcoin and Ethereum plunged following Israel's overnight strike on Iran's nuclear facilities, triggering a massive sell-off of risk assets, including in the cryptocurrency market. Should Iran launch a serious retaliatory
Miroslaw Bawulski 09:04 2025-06-13 UTC+2

Technical Analysis of Intraday Price Movement of Filecoin Cryptocurrency, Friday June 13, 2025.

Not much different from other cryptocurrencies such as Solana, Filecoin also has almost similar conditions on its 4-hour chart where there is a Divergence between the Filecoin price movement
Arief Makmur 07:39 2025-06-13 UTC+2

Technical Analysis of Intraday Price Movement of Solana Cryptocurrency, Friday June 13, 2025.

With the appearance of Divergence between the price movement of the Solana cryptocurrency on its 4-hour chart, with the Stochastic Oscillator indicator and confirmed by the labeling of its price
Arief Makmur 07:39 2025-06-13 UTC+2

Trading Recommendations for the Cryptocurrency Market on June 12

Bitcoin and Ethereum experienced a notable pullback after another unsuccessful attempt to rally. Bitcoin could not retest its all-time high, and Ethereum could not surpass the $2900 mark. U.S. Treasury
Miroslaw Bawulski 09:10 2025-06-12 UTC+2

Solana spot ETF around corner

Right now, Solana is in the spotlight for traders. According to the latest reports, the US Securities and Exchange Commission (SEC) has requested that potential Solana ETF issuers submit amended
Jakub Novak 16:23 2025-06-11 UTC+2

The Crypto Winter Is Becoming a Thing of the Past

Bitcoin is showing strong growth and came within a step of reaching a new all-time high. However, it's important to understand that taking this final step will be quite challenging
Jakub Novak 10:18 2025-06-11 UTC+2

Trading Recommendations for the Cryptocurrency Market on June 11

Bitcoin is undergoing a correction following yesterday's rapid surge to the $110,500 area, while Ethereum remains vibrant—having gained over 6% yesterday and currently trading at $2,785. Given such a strong
Miroslaw Bawulski 09:01 2025-06-11 UTC+2

Bitcoin Resumes Growth — And There Are Reasons Behind It

Bitcoin has resumed its upward movement, pulling other cryptocurrency assets along with it. Today's rise during the Asian session clearly points to a breakout of several major technical resistance levels
Jakub Novak 10:12 2025-06-10 UTC+2

Trading Recommendations for the Cryptocurrency Market on June 10

Bitcoin has finally broken through the $107,000 level, and during today's Asian trading session, it surged rapidly to around $110,000, stopping just a step away from updating its all-time high
Miroslaw Bawulski 09:30 2025-06-10 UTC+2

Top analytics

Relevance up to 06:00 UTC--5
EUR/USD. Weekly Preview. Focus on the Middle East and the Federal Reserve
01:30 2025-06-16
Fundamental analysis
Relevance up to 12:00 UTC--5
US Dollar: Weekly Preview
00:38 2025-06-16
Fundamental analysis
Relevance up to 02:00 2025-06-20 UTC--5
Bitcoin Gripped by Fear
01:29 2025-06-16
Fundamental analysis
Relevance up to 10:00 UTC--5
British Pound: Weekly Preview
00:38 2025-06-16
Fundamental analysis
Relevance up to 08:00 UTC--5
Euro Currency: Weekly Preview
00:38 2025-06-16
Fundamental analysis
Can't speak right now?
Ask your question in the chat.
Widget callback
Callback widget
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.