1-hour candlestick chart of BTC/USD (Bitstamp). Source: View of the shop
56,760 not convincingly lower
After falling 5% on Wednesday, BTC/USD has seen only a modest rebound to the $57,000 level at the time of writing, Cointelegraph Markets Pro and TradingView showed.
After numerous failed attempts to break through resistance near all-time highs, analysts have become cautious and fear further declines and a temporary halt to gains.
Filbfilb, co-founder of the Decentrader Chamber of Commerce, called this week’s current level of $56,760 an inconclusive low.
BTC funding rate. Source: Bybt.com.
As we reported Wednesday, the trading platform’s funding rates require shaking down long positions with leverage that are too optimistic for the price to hold. For Filbfilb, these prices are still too high, he told his channel’s subscribers.
Meanwhile, popular trader Cantering Clark pointed out on Twitter that bitcoin’s 20-week moving average (MA), a classic line in the sand for price action, is still hovering around $40,000.
He commented on the comparison chart and explained why I think April and May will limit the value of the CTBF for the rest of the year.
As simple as it sounds, this 20 week old MA with 2 standard deviation bands on top. Eventually they will meet. Either he comes to us or we come to him. It’s hard to imagine it taking any longer.
Macro favors bitcoin bulls
Despite sustained interest from institutions in recent weeks, fuelled by announcements of new bank launches, the day also showed signs of slowing.
The bitcoin ETF’s name fell slightly after back-to-back gains, and assets under management fell from a high of $976 million to $944 million.
Meanwhile, Grayscale’s founding portal, Bitcoin Trust (GBTC), has maintained its negative premium, a phenomenon that has prevented any further bitcoin accumulation since February.
GBTC price, stock and premium chart. Source: Bybt
But not all of them were completely down. For the crypto-Ed trader, the final market trend was clear.
Don’t take a position too quickly, he told his followers on Twitter on Thursday.
54k first or more from here, both mean we have a strong 3rd quarter. and great potential for improvement ahead. BTC will break above 60,000 and eventually go much higher.1-hour candlestick chart of the US Dollar Index (DXY). Source: View of the shop
Cryptocurrencies aside, the strong outlook for US equity markets, combined with a weaker dollar, may still help bitcoin’s short-term goals.
With excessive spending cuts, new stimulus measures, huge deficits, more quantitative easing, a possible new infrastructure law, a successful vaccine and euphoria at the end of a pandemic….. the U.S. economy should be thriving, JPMorgan CEO Jamie Dimon said earlier this week in his annual letter to shareholders.
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