The Bitcoin price has not been able to go above the $50,000 range resistance as it goes into the weekend- for they have now gone below the price range of $48,000. Most of the traders at this point are looking at the BTC/USD ratio to see if it can go beyond the $50,000 level for the bull cycle to continue.
On the other hand, any drop below the level of $46,000 is definitely going to bring out newer avenues into the lower lows- which in their way could pose a major threat to the bull run cycle. It would not be a big issue if the bull run wasn’t already in place.
Rekt Capital, a pseudonymous trader, has also highlighted equal price levels that should be watched. If the value of Bitcoin fails to secure a level that is higher than $46,000 it would be expected of the cryptocurrency to lay somewhere in the $38,000 to $45,000 range. And this will be irrespective of the cryptocurrency posting newer and higher lows every day.
According to Rekt Capital, the higher lows of BTC might not hold for a long period of time. With every reaction, the value has been steadily decreasing- which is eerily reminiscent of January. The best thing for Bitcoin here would be to start preparing for an HL potential breakdown.
One of the major factors behind this downward price pressure of Bitcoin is increased activity in whales. According to data provided by CryptoQuant has highlighted several large transactions which are at increase ever since the 6th of March.
Macroeconomic headwinds for Bitcoin
Cointelegraph reported that cryptocurrency is definitely facing pressure that is aimed at macroeconomic headwinds. According to the report, there has been a sharp increase in the yields of the US Treasury, coupled with a tech stocks pullback.
On the other hand, the currency index of Dollar has already broken through the resistance and hit its highest levels that Bitcoin forecasted in November 2020.
