A bearish “nothing at all” – The major support zone at $45,000-$46,000 has given way. Bitcoin (BTC) seems once once more to suffer the adverse effects of a market anticipation regarding a speech that has become a classic every month, but which continues to penalize the bulls.
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Bitcoin Below $44,000: Big Red Candlestick for Hollow Speech?
bitcoin price falls up to around $43,260 on Bitfinex today, April 6, 2022. Bitcoin trades at $43,966 at the time of writing, and is currently recording a daily loss of 3.80%.
Analyst Filbfilb attempted to explain today’s decline, sharing a chart purporting to show bitcoin undergoing a correction during “ multiple collapses to all-time highs on the NASDAQ since 2019.
This correction was however followed according to Filbfilb, by a ” bullish reversal in an inverted head and shoulders, confirmed in particular by the 50-day moving average test.
The analyst CRYPTO BIRB has meanwhile rather emphasized the timing of this fall in the price of bitcoin which occurs “ before the publication of the FOMC minutes who will decide on further policy tightening and more aggressive rate hikes”.
Le trader Michael van de Poppe share also the analysis of CRYPTO BIRB, bitcoin falling as in the past “during a period of speeches where the FED and Jerome Powell hardly say anything at all ».
Will this umpteenth speech by the FED concerning measures to try to control inflation definitely have the skin of the bulls? Data provider CryptoQuant refers to the Unrealized Profit and Loss (NUPL) indicator, which can be interpreted as “the ratio of investors making profits”, to issue an optimistic forecast for bitcoin, while its price is currently in progress to return to its level of 12 days ago.
Bitcoin has yet to see according to CryptoQuant, “the NUPL peak during this bull market, which potentially leaves more upside room for growth “. The current NUPL levels were further “seen when BTC traded at $50,000 in most recent history.”
The 60% possible rise for bitcoin will wait. The reaction of the bulls in the next 24 hours will be decisive. An eventual re-conquest of the $45,000-plus would reinforce the sentiment that the current decline is healthy for a future bitcoin price rally.
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