As a seasoned crypto investor with several years of experience under my belt, I’ve seen the market ebb and flow through various ups and downs. Today’s Bitcoin (BTC) price action leaves me feeling cautiously optimistic.
As a crypto investor, I’ve observed that Bitcoin (BTC) didn’t manage to hold its gains during the Wall Street opening on May 9 despite promising signs for risk assets from fresh macroeconomic data.
Bitcoin shrugs off U.S. jobless claims miss
The prices of Bitcoin as displayed on CryptoMoon Markets Pro and TradingView briefly peaked at $61,750 before failing to sustain the increase.
The most recent US jobless claims surpassed predictions, reaching a nine-month peak of 231,000 instead of the anticipated 212,000.
The labor market was showing indications of stress, which was a significant consideration for the Federal Reserve when contemplating potential interest rate reductions.
As I observe the current market situation, BTC/USD seems unwilling to rejoice, slipping back beneath the $61,000 mark at the moment I’m penning this down.
In his recent examination of the order book for asset X, experienced trader Daan Crypto Trades identified several substantial bids ranging between $59,000 and $60,000.
“This makes sense in terms of a price level as it’s the range low as well. Yet to be seen if price seeks the liquidity down there. Keep in mind these orders can be removed at any time.”
Previously, I observed that market makers were taking advantage of price discrepancies between the bid and ask prices, with Bitcoin’s value oscillating slightly above and below its current exchange rate, all while the broader Bitcoin-US Dollar market remained relatively stable.
Today, QCP Capital, a trading firm, advised Telegram channel subscribers through an update that such market volatility is likely to persist.
The financial markets predict that the Federal Reserve will implement two interest rate reductions in total during this year. The first reduction is anticipated to occur in September. However, there’s troubling news as Bitcoin spot ETF investments have halted once more, following significant inflows on last Friday and the previous Monday.
“- The desk is not seeing any bearish panic but more trades that express a lower volatility, consolidation view.”
Trader: $110,000 BTC price still in play
With a sunnier outlook, renowned cryptocurrency trader Titan shared his prediction that the price could reach $75,000 by the conclusion of the ongoing consolidation phase.
A chart that went hand in hand with the text presented an potential head and shoulders reversal, indicating a ceiling for bearishness around $55,000 if the market weakened once more.
As a researcher studying Bitcoin’s price movements, I would caution that a potential downturn could bring BTC down to the lower boundary of the descending and widening wedge pattern.
Expanding the perspective, Titan of Crypto anticipates Bitcoin reaching new heights above six figures for the initial time, recognizing that market participants needed to exhibit endurance and wait out the process.
“Watch the $61.5k level. The manipulation could occur there,” part of an X post stated on May 8.
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2024-05-09 17:27