A bearish “nothing at all” – The main $45,000-$46,000 support zone has collapsed. Bitcoin (BTC) seems once again to suffer the ill effects of a market anticipation of a speech that becomes a classic every month but continues to punish the bulls.
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Bitcoin Under $44,000: Big Red Candlestick For Hollow Speech?
bitcoin price drops up to about $43,260 on Bitfinex today, April 6, 2022. Bitcoin trades for $43,966 at the time of writing and is currently trading at a daily loss of 3.80%.
Analyst Filbfilb tried to explain today’s decline by sharing a chart claiming to show bitcoin is undergoing a correction during ” multiple collapses to all-time highs on the NASDAQ since 2019.
However, this correction was followed, according to Filbfilb, by a ” bullish reversal in an inverted head and shoulders, notably confirmed by the 50-day moving average test.
The analyst CRYPTO BIRB, meanwhile, has previously emphasized the timing of this bitcoin price drop that is occurring” before the publication of the FOMC minutes who will decide on further policy tightening and more aggressive rate hikes.”
The trader Michael van de Poppe parts also the analysis of CRYPTO BIRB, bitcoin is falling as in the past “during a period of speeches where the FED and Jerome Powell say almost nothing †
Will this umpteenth speech from the FED on measures to control inflation finally have the skin of the bull? Data provider CryptoQuant refers to the Unrealized Profit and Loss (NUPL) indicator, which can be interpreted as “the ratio of investors making profits” to provide an optimistic forecast for bitcoin, while its price is currently underway. to return to the level of 12 days ago†
Bitcoin has yet to “see the NUPL spike during this bull market, which may go away” according to CryptoQuant more upward room for growth 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 recapture of the $45,000 plus would bolster sentiment that the current drop is healthy for a future bitcoin price rally.
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