Fun

Bitcoin price correction ‘very common’ if $56K lows hold — Peter Brandt

News Feed - 2024-05-02 11:05:46

William Suberg9 hours agoBitcoin price correction ‘very common’ if $56K lows hold — Peter BrandtBitcoin bulls see signs of the worst being over as a BTC price bounce gathers pace toward $60,000.4660 Total views3 Total sharesListen to article 0:00Market UpdateOwn this piece of crypto historyCollect this article as NFTJoin us on social networksBitcoin (BTC) tagged $59,000 into the May 2 Wall Street open as swing lows held as a BTC price floor.BTC/USD 1-hour chart. Source: TradingViewBTC price heads toward $60,000


Data from Cointelegraph Markets Pro and TradingView showed BTC/USD acting closer to the key $60,000 zone.


After falling to $56,500 on May 1, Bitcoin received a boost from dovish economic guidance by the United States Federal Reserve.


As it left interest rates predictably unchanged, Fed Chair Jerome Powell reinforced plans to cut them at some point before the end of the year.


“We know that reducing policy restraint too soon or too much could result in a reversal of the progress we have seen on inflation,” he said during a subsequent press conference.“At the same time, reducing policy restraint too late or too little could unduly weaken economic activity and employment.”


Risk assets reacted well to the event, and BTC/USD continued to display relief after precipitous sell-side pressure earlier in the week.


“If Bitcoin can hold these lows and move higher the chart will qualify as a very common bull market continuation chart construction,” veteran trader Peter Brandt told followers on X. BTC/USD chart. Source: Peter Brandt/X


Earlier, Cointelegraph reported that the current BTC price pullback from new all-time highs was still mild compared to historical bull markets.


“Welcome to a more middle of the road Bitcoin bull market correction. P.S. it has been much worse literally every other bull cycle,” Checkmate, the lead on-chain analyst at blockchain data firm Glassnode, confirmed alongside an explanatory chart. Bitcoin bull market drawdowns. Source: Checkmate/XBitcoin RSI hits key buy level


Others meanwhile looked ahead with an eye to the BTC price bounce continuing.


Related: Bitcoin post-halving price consolidation could last 2 months — Bitfinex


Of particular interest on May 2 was relative strength index (RSI) data, which, on daily timeframes, sought to bolster a fledgling bullish narrative. 


The daily RSI was at its lowest level since August 2023, when BTC/USD was also violating key support trendlines before it reclaimed them and headed to new highs.


“Buying Bitcoin when the Daily RSI has hit ~30 has been a pretty solid strategy so far this cycle,” popular trader Daan Crypto Trades wrote in part of an X post on the topic.BTC/USD chart. Source: Daan Crypto Trades/X


This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.# Bitcoin# Bitcoin Price# MarketsAdd reaction

News Feed

Retail Giant Newegg Unveils Shiba Inu Support on Massive Billboard: SHIB to Be Accepted for Payments in December
Retail Giant Newegg Unveils Shiba Inu Support on Massive Billboard: SHIB to Be Accepted for Payments in December A leading tech-focused retailer, Newegg, has announced its support
Nivesh Rustgi3 hours agoCurve liquidation risk poses systemic threat to DeFi even as founder scurries to repay loansA Curve Finance hack sparked a sharp sell-off, and while DeFi traders stepped in to support CRV, the pos
Many terrible cryptos are trading at ‘crazy valuations,’ warns Bitwise CIO
Ciaran Lyons7 hours agoMany terrible cryptos are trading at ‘crazy valuations,’ warns Bitwise CIOBitwise chief investment officer Matt Hougan cautions that not every token having a price surge in the cryptocurrency m
Nigerian Crypto Exchange Boss: CBN Directive Led Shift of Trades From Centralized Exchanges to Black Market Exchanges
Nigerian Crypto Exchange Boss: CBN Directive Led Shift of Trades From Centralized Exchanges to Black Market Exchanges It has been more than six months since the
Jesse Coghlan4 hours agoFTX probes $6.5M in payments to AI safety group amid clawback crusadeBankrupt crypto exchange FTX wants to look into the millions it has given to the Center for AI Safety, a nonprofit that has arg
South African Tax Body Updates Crypto Tax Guidance, Confusion Persists
South African Tax Body Updates Crypto Tax Guidance, Confusion Persists In late August, the South African Revenue Service (SARS) released new guidelines that clarify the correct tre
Coinbase Responds to Reports of Selling Customer ‘Geo Tracking’ Data to US Government
Coinbase Responds to Reports of Selling Customer "Geo Tracking" Data to US Government The Nasdaq-listed cryptocurrency exchange Coinbase has insisted that it does not sell “
How PIVX Is Bootstrapping the Revival of Privacy Coins
How PIVX Is Bootstrapping the Revival of Privacy Coins sponsored Throughout its history, PIVX has marked many firsts on the crypto market. These include being the
Young South African Engineer Rues Deleting Computer File Containing Keys to 20 BTC
Young South African Engineer Rues Deleting Computer File Containing Keys to 20 BTC A young South African electronics engineer has rued his decision to delete a t
Global Investments Into Indian Crypto Sector Surge After Supreme Court Lifts Ban
Global Investments Into Indian Crypto Sector Surge After Supreme Court Lifts Ban India has become increasingly attractive to new crypto businesses and investors from all over the
VanEck says Bitcoin could hit $2.9 million per coin by 2050
Alex O’Donnell6 hours agoVanEck says Bitcoin could hit $2.9 million per coin by 2050Bitcoin layer 2s could be collectively worth around $7.6 trillion, the report added.2072 Total views4 Total sharesListen to article 0:
David Attlee4 hours agoThe end of an era for Binance, troubles for Kraken: Law DecodedBinance and CZ’s ongoing legal drama with United States law enforcement ended with a plea deal.1267 Total views14 Total sharesListen