The cryptocurrency market has had another crazy week, with Bitcoin (BTC) dropping to a fresh multi-month low of $37,700. Investor fears over the amount of the Federal Reserve’s next rate rise caused a massive sell-off in the stock market.
Bitcoin’s price has dropped 41.72 percent from its all-time high of $69,000; however, a closer look at different on-chain and derivatives data reveals that a drop in inflows and a move away from institutional investors are the main factors impacting BTC price behavior.
Bitcoin Fails to Surpass $40,000. Bitcoin’s current price is $40,048; a figure that intraday traders should know well. The bulls may be gaining ground, according to the Relative Strength Index. If the Wycoff strategy holds, bulls will see uptrend rallies with brief retracements towards vital key levels this month. Traders ready to take an early risk might explore an intraday trading strategy paired with a dollar-cost average approach to maximize potential reward and minimize risk. The last aim for the Bitcoin price to complete Wave D of the macro-Bitcoin triangle remains at approximately $51,000. The bullish thesis has now been debunked by the swing low of $37,650. Consider $34,500 as the bears’ next target if the Bitcoin price stays down to this level, resulting in a 15% decrease from current levels.
Furthermore, Arcane Research reports that the amount of the king cryptocurrency’s supply that has been unaltered for a year or longer has risen to a high of 64 percent. This showed that investors were amassing sats.
Key Points: US economy growth slowed to 1.6% in Q1, below the expected 2.4%. Consumer spending growth tapered, but business…
Key Points: Microsoft's რevenue surged to $61.9 billion, a 17% increase driven by robust sales in all business segments. Notable…
Key Points Ethereum is Trading below $3,180, under the 100-hourly SMA, indicating a cautious market trend despite the formation of…
Key Points Oil Prices rose, Brent crude oil reached $89.32 per barrel, up 2%, and WTI at $83.86, up 0.5%.…
Key Points GBP/USD is currently at 1.2502, impacted by UK-US economic turbulence and monetary policies. US Q1 GDP growth at…
Key Points: Despite global volatility, USD/INR is the least volatile major currency in FY 2023-24, supported by interbank USD sales…
This website uses cookies.