Analyst suggests swing trading Bitcoin is the best move as BTC price dips below $40K - BitcoinEthereumNews.com
बीटीसी / यूएसडीटी 1-दिवसीय चार्ट। स्रोत: TradingViewResistance remains at key moving averages Analysis of Bitcoins weekly price action was discussed by crypto trader and pseudonymous Twitter user Rekt Capital, who तैनात the following weekly chart noting that “Bitcoin is now hovering below the green 21-week & blue 50-week Bull Market EMAs.” BTC/USD 1-सप्ताह का चार्ट। स्रोत: ट्विटर रेक्ट कैपिटल ने कहा, “Breaks beyond these EMAs have preceded immense upside. Turn these Bull Market EMAs into support and well see Bull Market momentum resume.” Bitcoins correlation to tech stocks provides insight Despite all the macro factors affecting global financial markets, Bitcoin remains “stuck in the middle of its $35,000 to $45,000 range,” according to David Lifchitz, managing partner and chief investment officer at ExoAlpha. Lifchitz noted that BTC has behaved more like a risk asset than an inflation hedge. Evidence for this can be found by looking at the highly correlated price action for BTC and the Nasdaq over the past few months. BTC/USD vs. Nasdaq futures. Source: Refinitiv According to Lifchitz, if Bitcoins “correlation with speculative tech stocks remains high,” the planed series of interest rate hikes by the United States Federal Reserve will, at some point, “become toxic to risk assets,” which could translate into declines in the