Bitcoin failed to push above the $38,000 into the European session as the traders booked the profits from the recent price surge as we can see in today’s Bitcoin news.
The benchmark cryptocurrency crossed the $38,000 price level after gaining open endorsement from Elon Musk. The move upside seemed to be a part of the broader recovery trend that saw the price surging from $32,000 on January 31 to as high as $38,768. It provided traders with many opportunities to secure short-term gains and pushed the prices lower.
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The intraday losses coincided with similar gains on both the gold and the silver market led by a stronger US dollar and better Treasury yields but bitcoin failed to push higher in the day.
Bitcoin eyes a pullback towards the green wave for support. Source BTCUSD on TradingView.comThe US dollar index recovered as the traders assessed the chances of an improved US economy and weighted negatively on gold whose prices dropped as well three times in a row. For BTC, it was rallying in line with the dollar and the move seemed like a neutralizing downside correction. Pablo Piovano from FXSTreet confirmed that the dollar could head up as the vaccine rollout is favoring the growth prospects. In turn, this could push the Treasury yields higher and give investors to hold government bonds than to choose riskier assets.
In the meantime, the bulls are waiting for a new stimulus package that will shoot more tailwinds in its way and the exchange rate surged by 1000 percent against the backdrop of the $3 trillion stimulus and the FED’s policies. These fundamentals are still in place and the US central bank confirmed the interest rates lower until 2023 while US President Joe Biden aims to roll out the third stimulus package worth $1.9 trillion. The technical signals show that BTC is considering the idea of moving lower to the 20-period moving average and this wave holds the history of serving minor support to BTC’s short-term uptrends. The extended pullback is placing these risks on the route at the 50-period MA and the confluence of the previous low wave of $33,000 level. In the meantime, the high-volume close above $38,00 could send the pair to $40,000 which is a breakout target that was set by the Falling Wedge Pattern.
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