Bitcoin struggles to find its footing above $40,000 after a CPI print of 8.5% and a lack of new investors show there is low demand from new crypto investors.
shows that an early morning attempt to rally above $40,000 ran into a wall of resistance at $40,650 and BTC price eventually tumbled back below $39,600.Here’s a look at what several analysts are saying about the current state of Bitcoin and what could potentially come next as financial markets grapple with an increasing amount of uncertainty.
According to Credible Crypto, both the middle green circle and the last red circle provide past examples of intra-week movements that went above or below the weekly level, “but it means nothing without a close to confirm.”“Give me a close below BLUE and I'll change my tune, but for now there is no reason to.
According to Glassnode, “the market has seen around 13,300 BTC in profits realized each day since mid-February” and while this value is not “historically extreme,” it does appear to “be providing sufficient headwinds to prices.”Overall, the recent recovery for Bitcoin has been relatively subdued with the market waiting for some major catalyst to help bring fresh momentum and new inflows into the cryptocurrency market.
The overall cryptocurrency market cap now stands at $1.850 trillion and Bitcoin’s dominance rate is 40.9%. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
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