Bitcoin's dangerous fall
Market picture
Bitcoin fell all day yesterday, losing around 6% to $27.6K, raising the question of whether we are seeing the start of a prolonged decline.
Bitcoin closed below its 50-day moving average on Monday. The price stays below that curve and is stuck at $28.0K after rising 1.3% to today. If it can't quickly surpass it again, Bitcoin's fall below $27K will pave the way for a move to $22K, where the 200-day passes, which became a turning point in March.
Twitter analyst Bluntz, who predicted a bear market bottom for BTC in 2018, expects Bitcoin to fall to $25K. In his view, the first cryptocurrency is unlikely to break $30,000 soon. BTC has completed a 5-wave and is now in a corrective A-B-C formation.
News background
Cryptocurrencies will outperform other asset classes amid the continued devaluation of fiat currencies and the ongoing banking crisis, Real Vision CEO Raul Pal said following the bankruptcy of First Republic Bank (FRB).
Peter Brandt, tech analyst and head of Factor LLC, believes Bitcoin will soon overtake all other cryptocurrencies and "bury all the imposters". He pointed to the chart of the BTC dominance index, which he believes is poised for a breakout after two years of consolidation.
According to Santiment's research, crypto asset prices in April were "very broadly dispersed" and barely correlated with each other.
By the FxPro Analyst Team
EBC Markets Briefing | Energy prices jump after closure of Strait of Hormuz
Stock and gold selloff eases; ECB and US PPI eyed next
US CPI Tops 4% for First Time Since 2023; Oil Extends Gains, Gold Drops Sharply
EURUSD (4H) in a bearish consolidation
SP500 Extends Recovery as Futures Gain and Treasury Yields Ease
The crypto market is consolidating rather than falling
USD/JPY Continues Its Climb: Is There a Limit?
