The infamous Bitcoin is currently experiencing a downward trend, as revealed by the daily chart. Despite the unwavering confidence of its supporters, this drop in value is causing a stir in the crypto world. After a sudden plunge during the Asian trading session, the only way for the uptrend to continue is if there is a dramatic turnaround, propelling the coin past the impressive $71,700 mark.
Bitcoin takes a tumble as it plunges 5% in the latest trading session, leaving investors reeling with a weekly loss of 6%. The market was ablaze with activity as the sell-off intensified, with trading volume soaring to 77% as traders frantically jumped ship. As a result, the once-mighty cryptocurrency saw its market cap shrink by 4%, now standing at a still-impressive $1.3 trillion.
The following Bitcoin news events could impact price action in the coming sessions:
Tether Holdings, the powerhouse behind the popular USDT stablecoin, has just made a massive investment of 8,888 BTC worth a whopping $618 million! This bold move has catapulted their total BTC holdings to a staggering 75,000, with an average price of $30,000.
Bitcoin’s value takes a plunge as investors react to the latest PMI report, which revealed a surprising boost in US factory production for the first time in over a year. The unexpected surge in March has caught many off guard, with experts predicting a potential shift in the FED’s plans for interest rate cuts in the upcoming year.
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Bitcoin Price Analysis
BTC/USD Continues to Soar, Daily Chart Signals shows Upward Trend.
Despite a recent dip on April 2nd, Bitcoin buyers are still in the game. In fact, a potential rebound above $71,700 could solidify the bullish forecast for this cryptocurrency.
However, caution is advised as a break below the critical support level of $68,300 could spell trouble. Traders may want to consider shorting in the near future, with a target of $61,500.
But if the market continues to decline, we may see a downward spiral towards $60,000 or even worse in the coming months.