Bitcoin, the largest digital coin by market value is enjoying the ride. The Bitcoin price hit new multi-month highs on Monday after a V-shaped rebound from the 200-day moving average. The strong bullish move started after the crucial $25,000 resistance level was broken. As of this writing, BTCUSD trades above the $28,000 level.
Technically, the medium-term trend is very supportive, and the pair has room to climb If the US Federal Reserve is going to turn hawkish today despite banking crisis fears we could see an extension to the weakness in the crypto pair. On the upper side, considering heavy volatility there are chances that Bitcoin can easily rise towards the next key resistance of 29,400 then the 30,000 area. On the downside, any meaningful pullback now seems to find some support near the 27,800 and then 27,400/200 zones, below which the slide could further get extended towards the 26,600/500 zones.