This week’s slide is not “convincing,” says analyst Filbfilb, agreeing with the misgivings of others about the likelihood of a short-term bullish continuation.
$ 56,760 “not a convincing fund”
After falling 5% on Wednesday, the BTC / USD pair saw only a modest rebound to around $ 57,000 at the time of writing, Cointelegraph Markets Pro and TradingView showed.
Bitcoin drops 5% and Ethereum loses the $ 2,000 mark
After multiple failed attempts to break resistance near all-time highs, analysts were becoming wary of a further drop and a temporary halt to further price gains.
Filbfilb, co-founder of the DecenTrader trading suite, referred to this week’s current floor of $ 56,760 as “not a convincing floor.”
As reported Wednesday, funding rates between trading platforms call for a shake up of the leveraged long positions of those excessively bullish on a continuation. For Filbfilb, those rates are still “too high,” he told subscribers to his Telegram trading channel.
Goldman Sachs prepares to offer Bitcoin to its clients, while BTC surpasses $ 58,000
Popular Twitter trader Cantering Clark, for his part, noted that Bitcoin’s 20-week moving average (MA) – a classic “line in the sand” for price performance – still lingers around $ 40,000.
“More fuel than why I think April-May puts a cap on $ BTC until later in the year,” he commented on a comparison chart.
“As simple as it is, this 20 week MA with a band of 2 standard deviations above. At some point, these meet. Either he comes to us or we come to him. It’s hard to imagine that this requires plus much higher. “
Macroeconomics turns favorable for Bitcoin bulls
Although institutional interest has continued in recent weeks, fueled by major announcements of new adoptions by banks, the day began to show signs of slowing down.
Exchange-traded fund Purpose Bitcoin saw a slight reduction in its BTC holdings after steady growth, with its assets under management falling overall from highs of $ 976 million to $ 944 million.
Meanwhile, the institutional portal Grayscale Bitcoin Trust (GBTC) maintained its negative premium, a phenomenon that has put an end to a further accumulation of Bitcoin since February.
But not everyone was totally pessimistic. For the Crypto Ed trader, the final trajectory of the market was clear.
“I’m in no rush to position myself,” he told his Twitter followers on Thursday.
“54k first or go up from here, both mean we are starting a strong 3rd leg and a lot of bullish awaiting us. BTC will break above 60k and eventually go much higher.”
Beyond cryptocurrencies, an optimistic outlook for US equity markets, coupled with a weakening dollar, could further serve Bitcoin’s short-term purpose.
5 Key Reasons Bitcoin Will Probably See New All-Time Peaks Soon
“With excess savings, new stimulus savings, huge deficit spending, more QE, a new potential infrastructure bill, a successful vaccine, and the euphoria around the end of the pandemic … the economy of America is likely to skyrocket, “JPMorgan CEO Jamie Dimon noted in his annual shareholder newsletter earlier this week.
