Bitcoin resumed its declines after temporarily reaching levels above $25,000 yesterday. In the final hours of yesterday's session, indexes on Wall Street were losing after hawkish comments from the Fed, which extinguished the euphoria and intensified supply in the crypto market.
- Bitcoin today costs $23,600 although bulls are trying to make up for yesterday's losses.Santiment analysts pointed to the active accumulation of the largest portfolios of so-called 'whales' during the recent drop to $21,500, but Bitcoin ultimately showed correlation with Nasdaq and fell down. If sentiment on exchanges will change to bearish, BTC can retest $20 000;
Binancecoin, M30 interaval. After price rebound above SMA200 (red line), the key is 300 USD level. If price will fall below it again, the bearish momentum can be longer. Reuters reported possible contacts and significant transfers of funds between Binance and US-based firm Merit Peak. Source: xStation5
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Open account Try demo Download mobile app Download mobile app- At around $25,000, the 200- and 50-session averages on the weekly interval for the first time in BTC's history, formed 'death cross' formation, which may foreshadow longer-term weakness in BTC.
- According to Glassnode, the strongest support level is $20,000, where the average buy price of new traders, the neutral MVRV level that measures the profit of short-term traders (after a drop to $20,000, on average, their profit would be 0) and the average historical blockchain BTC buy price (the so-called Realized Price) are located.
- Since liquidity in the crypto market usually drops noticeably on weekends (closed exchanges), investors often choose to exit positions at the end of the week driving volatility.
Bitcoin, M30 interval. BTC is trying to rise above the 38.2 Fibonacci retracement of the upward wave that began on February 13, but the bulls are clearly having trouble overcoming it. Rhe formation of a local double peak near $24,000 could indicate exhaustion of demand and further declines if the sentiment on Wall Street, with which cryptocurrencies correlate, turns out to be as negative today. The major cryptocurrency failed to bounce above the SMA100 (black line). Source: xStation5
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