NewsBTC
2023-04-17 14:00:24

Bitcoin Price Dips Below $29,500, Here’s Why

After hitting an annual high of $30,975 last Friday, the Bitcoin price is under pressure today and has fallen below $29,500 for the first time in a week. At the time of writing, BTC’s low was at $29,410. The decline comes as a surprise in that the market is actually in a “bullish vacuum” at the moment. Last week, both the Consumer Price Index (CPI) and Producer Price Index (PPI) were a significant positive surprise, propelling the Bitcoin price to its new yearly high. In the next two weeks, there is no major macro data coming up that is likely to move the Bitcoin price heavily. Only on May 03, this will change, when the next meeting of the Federal Open Market Committee (FOMC) of the US Federal Reserve is about to take place. Thus, one can currently speak of a bullish vacuum. So why is the price falling today? Why Is The Bitcoin Price Falling Today? The current movement of Bitcoin price can be considered as a technical correction. As analyst Ali Martinez writes, the resistance area between $30,270-$32,150 has established itself as a tough hurdle for BTC. Around 770,000 BTC were bought from 360,000 addresses in this area. Support for Bitcoin is provided by the area between $29,330 and $30,200, where 700,000 addresses bought around 390,000 BTC. “Be cautious. If this level breaks, the next key support is at $27,600-$28,450,” Martinez warns. Related Reading: Company Of Legendary Peter Brandt Goes Long Bitcoin, Here’s His Target Price Meanwhile, analyst “@exitpump” has pinpointed a reason for the current movement. “BTC spot dumping their coins, unusual big sell delta from Bitfinex. Walk price down and nuke it, perfect,” writes the analyst. He also shared the chart below, which shows that greater selling pressure is also coming from Binance, while the pressure from Coinbase is comparatively low. A similar analysis is also shared by @52kskew. According to him, there is a spot-driven sell-off from the day opening, while there was a clean divergence between spot selling the bounce early and perps longing into the bounce. A look at liquidation data from Coinglass shows that about $56.57 million in BTC longs were liquidated, supporting the thesis of a technical analysis. Related Reading: Bitcoin Price Retreats To $29,000 Level – Further Drop Imminent? Meanwhile, technical analyst Michaël van de Poppe notes that he was expecting this scenario in which BTC completes a rest of the $29,200 level. He shared the chart below and expressed: There’s the sweep of Bitcoin. Now, reclaim $29.8K would trigger upwards continuation. Altcoins are not feeling the pain, yet, as they are consolidating or rallying up in the $BTC pair. At press time, the Bitcoin price stood at $29,512. Featured image from iStock, chart from TradingView.com

Crypto 뉴스 레터 받기
면책 조항 읽기 : 본 웹 사이트, 하이퍼 링크 사이트, 관련 응용 프로그램, 포럼, 블로그, 소셜 미디어 계정 및 기타 플랫폼 (이하 "사이트")에 제공된 모든 콘텐츠는 제 3 자 출처에서 구입 한 일반적인 정보 용입니다. 우리는 정확성과 업데이트 성을 포함하여 우리의 콘텐츠와 관련하여 어떠한 종류의 보증도하지 않습니다. 우리가 제공하는 컨텐츠의 어떤 부분도 금융 조언, 법률 자문 또는 기타 용도에 대한 귀하의 특정 신뢰를위한 다른 형태의 조언을 구성하지 않습니다. 당사 콘텐츠의 사용 또는 의존은 전적으로 귀하의 책임과 재량에 달려 있습니다. 당신은 그들에게 의존하기 전에 우리 자신의 연구를 수행하고, 검토하고, 분석하고, 검증해야합니다. 거래는 큰 손실로 이어질 수있는 매우 위험한 활동이므로 결정을 내리기 전에 재무 고문에게 문의하십시오. 본 사이트의 어떠한 콘텐츠도 모집 또는 제공을 목적으로하지 않습니다.