Bitcoin (BTC) barely recovered from its losses on Thursday as there was new doubt about the continuation of the bullish trend this month.
$ 56760 “Unmasked bottom”
After falling 5% on Wednesday, BTC / USD has seen only a modest rebound to $ 57,000 at the time of writing, as shown by Cointelegraph Markets Pro and TradingView.
After several failed attempts to break through resistance near historic highs, analysts fear a further fall and a halt in further inflation.
Philbfilb, co-founder of trading group DecenTrader, described the current low of $ 56,760 this week as an “uncertain bottom”.
As reported on Wednesday, platform financing rates require leveraged long positions to change towards maintaining overly bullish positions. For Filbfilb, these prices remain “too high”, he told subscribers on his trading channel Telegram.
Meanwhile, popular Twitter trader Cantering Clark pointed to Bitcoin’s 20-week moving average – a “classic band in the sand” in price action – which still hovers around $ 40,000.
He commented on the comparison table: “More fuel, why I think April and May catch BTC dollars by the end of the year.”
“As simple as it is, this is a 20-week moving average with an area of 2 standard deviations higher. At some point, these people come together. Either he comes to us, or we come to him. It is hard to imagine that this will require much more. ”
Macro has moved in favor of bitcoin bulls
While institutional interest has persisted in recent weeks, reinforced by new announcements about bank adoption, signs of slowing growth began to appear throughout the day.
The purpose of the Bitcoin ETF saw a slight contraction in BTC assets after maintaining gains as assets under tandem management fell from $ 976 million to $ 944 million.
Meanwhile, the Grayscale Bitcoin Trust (GBTC) has maintained its negative relationship, which has led to an increase in bitcoin hoarding since February.
But not everyone was completely pessimistic. For a Crypto Ed trader, the final market path was clear.
“I’m not in a hurry to get the job,” he told Twitter followers Thursday.
“From here to 54 km or more means we take a strong third step, and there are many collections to come. BTC will break through 60k and eventually hit much more.
The DXY index is a candlestick chart. Source: Tradingview
Aside from cryptocurrency, the favorable outlook for US stock markets, combined with a weak dollar, could serve Bitcoin’s goals in the short term.
“With excess savings, new economic stimulus, huge usage gaps, more quantitative easing, a potential new infrastructure bill, a successful vaccine and euphoria at the end of the pandemic … the economy is likely to grow,” said Jamie Dimon. CEO of JPMorgan. , In the annual shareholder newsletter earlier this week.