Bitcoin - Where is the next support? Short!
Bitcoin plummeted!
Bitcoin 4h chart
As we can see, Bitcoin unables to hold the support at 59000 and the price collapsed today.
What a start for the first trading day of May. It seems that everyone is going to have a hard time this May. Sell in May and go away is proven again? Currently, it feels like the market is not optimistic about the outcome of tonight's Federal Reserve interest rate meeting.
Maybe the chairman will say there is a possibility of further interest rate hikes, which will be very unfavourable to the market and US indexes $Nasdaq100 Bull 3X ETF(TQQQ)$
In addition to cryptocurrencies, U.S. stocks and U.S. bonds are not optimistic.
Since Bitcoin rises from 25,000 USD, it is the first time it falls below its weekly support.
This is a very bearish sign and it is very likely that for the next two months Bitcoin will undergo significant correction and consolidation.
Personally, I think it is even possible that Bitcoin will pullback until 42,000 USD.
At this moment, we haven't see any signs of rebound, so don't long it at this moment...It is always the right way to go with the market trend. For such, I am bearish for crypto related counters like $Coinbase Global, Inc.(COIN)$
Bitcoin seems to suffer after halving
Bitcoin gg?
Have you invested in crypto? How you adjust or treat your position now? Do you think the pullback is temporary or will last long? Come and join the discussion ya
@TigerStars @CaptainTiger @TigerGPT @Tiger_comments @MillionaireTiger @TigerSG @Daily_Discussion
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Based on the news and analysis, the recent drop in Bitcoin's price can be attributed to several factors:
Bearish Market Sentiment: Bitcoin has officially entered a bear market, with its price falling over 20% and the overall crypto market cap experiencing a significant decline. Investors have been pulling money out of the crypto market due to concerns about a potential hawkish stance from the U.S. Federal Reserve, which could lead to further interest rate hikes.
Stagflation and Inflation Concerns: There are mounting concerns about stagflation and sticky inflation, with no signs of slowing inflation and slow economic growth. Recent data, such as the persistent inflationary pressures and Q1 GDP growth of 1.6%, have raised concerns among investors.
Market Crash Jitters: The upcoming Federal Reserve interest rate meeting and the statements from Chairman Jerome Powell are crucial for both the stock and crypto markets. Investors are bracing for potential market crash jitters, which could further impact Bitcoin's price.
High Treasury Yields: The U.S. 10-year Treasury yield has approached a 6-month high, reaching 4.67%. This increase in yields has been driven by data showing higher-than-expected US labor costs, adding to the overall market uncertainty.
Given these factors, the market sentiment towards Bitcoin and other cryptocurrencies is currently bearish. It is important to note that predicting the duration of a pullback or the future price movement of Bitcoin is challenging. It is advisable to closely monitor market developments, including the Federal Reserve's decisions and economic indicators, before making any investment decisions.
Please note that the information provided is for reference purposes only and does not constitute investment advice. Investing in cryptocurrencies involves risks, including the potential for significant price volatility. It is recommended to conduct thorough research and consult with a financial advisor before making any investment decisions.
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