NEWSLETTER
bitcoin could face greater downward volatility if it closes the week below the key support level of $ 82,000, since the feeling of investors remains moderate after short -term disappointment in the strategic reserve of bitcoin of the USA.
The executive order of President Donald Trump, signed on March 7, described a plan to create a bitcoin reserve using lost cryptocurrencies in government cases instead of actively acquiring bitcoin (btc) through market purchases.
The lack of direct federal investment of bitcoin “has led to a short -term negative market reaction and a decrease in the price of bitcoin,” according to Bitfinex analysts.
bitcoin needs to close the week higher than the key support of $ 82,000 to avoid a greater decrease due to this short -term disappointment of investors, analysts told Cointelegraph, added:
“Investors had anticipated that the federal accumulation of bitcoin would indicate strong institutional support, potentially promoting the highest prices. However, dependence on existing holdings without additional investments has modified these expectations. ”
“It demonstrates the sensitivity of cryptocurrency markets to government actions and policies,” analysts added.
btc/USD, 1 month graph. Source: Cointegraph
Meanwhile, bitcoin has lacked a significant impulse in the price, quoting below the $ 90,000 psychological brand since March 7, when Trump organized the first cryptographic summit of the White House.
Close the week higher than the $ 82,000 key support may indicate a change in bitcoin's feeling as investors digest the nuances of the Trump bitcoin reserve proposal, which can still see the inclusion of “neutral budget strategies” to buy more bitcoin.
Related: Trump changed the cryptography of the 'oppressed industry' to the 'central piece' of the US strategy
Macroeconomic factors weigh on the price of bitcoin
Beyond the ads of legislation related to cryptocurrencies, the price of bitcoin continues to be pressed by macroeconomic developments and global commercial concerns, According to Iliya Kalchev, dispatch analyst of the Investment Platform of Digital Assets Nexo.
bitcoin's “short -term movements will be very influenced by macroeconomic factors,” the analyst told Cointelegraph:
“Next week, all eyes will resort to key economic events from the United States, including the consumer price index, which is expected to indicate a slowdown in inflation, and the work opening report, which will serve as a key indicator of the labor market force and the potential for interest rate cuts.”
Related: The increase in bitcoin activity suggests a market fund, potential reversal
Even so, a weekly closure below $ 82,000 can introduce significant volatility for cryptographic markets.
bitcoin exchange settlement map. Source: Canderlasss
A possible bitcoin correction below this level would trigger more than $ 1.13 billion in leverage liquidations accumulated in all exchanges, Horn The data show.
On the positive side, bitcoin can be reaching its local background based on a key technical indicator, the relative resistance index (RSI), which measures whether an asset is oversized or overwhest.
btc/USD, 1 day graph, RSI. Fountain: <a target="_blank" data-ct-non-breakable="null" href="https://x.com/rektcapital/status/1898435280371175464/photo/1″ rel=”null” target=”null” text=”null” title=”https://x.com/rektcapital/status/1898435280371175464/photo/1″>Straight capital
bitcoin's RSI was 28 in the daily table, indicating that the asset is oversized. Every time bitcoin's RSI reached 28 during this current cycle, the price of bitcoin “played or would be between -2% to -8% out of a background,” wrote the popular encryption analyst Rekt Capital on March 8 x <a target="_blank" data-ct-non-breakable="null" href="https://x.com/rektcapital/status/1898435280371175464/photo/1″ rel=”null” target=”null” text=”null” title=”null”>mail.
https://www.youtube.com/watch?v=6unogdvqwre
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