Bitcoin (BTC) experienced a slight decline in price on April 4, entering month-to-date lows of $27,240 according to data from Cointelegraph Markets Pro and TradingView. However, markets quickly rebounded, as reports from an encrypted tweet that suggested Binance CEO Changpeng Zhao was wanted by Interpol lacked evidence. As BTC/USD climbs back up, now trading above $28,000, traders are keeping their eyes on a potential goal of $30,000 due to a “classic sweep” of the market.

Rising optimism among traders was accompanied by a macroeconomic shift, with the U.S. Federal Reserve ceasing the interest rate hikes and the U.S. dollar index (DXY) dipping below the 102 mark. The weekend’s Organization of the Petroleum Exporting Countries (OPEC) production cut announcement combined with weak U.S. economic news, such as the Institute for Supply Management Manufacturing survey indicating the sharpest contraction since the height of the pandemic in April 2020, triggered the renewed optimism.

Even as the news may shape cryptocurrency markets, the potential for Bitcoin to become a safe haven asset in a recession remains unproven. However, the trading firm QCP Capital noted that if the Federal Reserve were to act quickly, it is possible for Bitcoin to experience a successful upturn similar to what was observed during a banking crisis last month.

Overall, the news and shifts in the market have buoyed traders’ expectations, fuelling debate about whether or not a goal of $30,000 is attainable. While the answer to this question has yet to be revealed, positive news and weak U.S. data are driving the value of Bitcoin ever-closer to that goal.



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