Waiting for $40K? Bitcoins critical level is already here, says new research - BitcoinEthereumNews.com
BTC/USD chart with yearly pivots marked (screenshot). Source: Decentrader Should the current scenario truly represent a “bear market” phase for BTC/USD, a close above the pivot, notably on higher timeframes, would not only be bullish but a historically unusual event. “A break above the yearly pivot would be a break from the 4-year cycle norm and could suggest that Bitcoin will be on the way to significantly higher prices, but for the immediate term, the weekly level needs to be supported by the bulls, to avoid dropping back into consolidation,” Filbfilb added. Liquidity stacks up Looking beyond the pivot, the coming months seem firmly tied to central bank policy as inflation bites and steps to combat it intensify. Nauugnay: Bumababa ang Bitcoin sa Abril habang tumataas ang lakas ng US dollar mula noong Mayo 2020 The United States Federal Reserves balance sheet reductions are likely to pressure stocks and risk assets, analysts agree, with Bitcoin thus standing to lose appeal. Filbfilb agreed on these powerful headwinds, arguing that the Feds action could influence BTC price action “for months to come.” How low Bitcoin could go, however, may well depend on liquidity grabs. Sentiment, shown via derivatives funding rates, continues to favor the upside despite the spot price action