BITCOIN can face the disadvantage volatility by closing the week below $ 82,000, as the investor sentiment is conquered in the US strategic Bitcoin protection area, depending on the short -term disappointment.
President Donald Trump’s administrative order, signed on March 7, explained that he plans to create a Bitcoin protection zone using Cryptocurrency confiscated in the government’s criminal case, rather than actively acquiring Bitcoin (BTC) through market purchase.
According to Bitfinex Analysts, the lack of federal bitcoin investments directly led to short -term negative market response and Bitcoin prices.
Bitcoin must close the key $ 82,000 major support to avoid further reduction due to the disappointment of this short -term investor, analysts added to Cointelewraph as follows.
“Investors expect Bitcoin’s federal accumulation to inform strong institutional support and potentially increase prices. However, this expectation has been eased due to the dependence on existing holding without additional investment. ”
The analysts said, “This shows the sensitivity of the government’s actions and policies in the cryptocurrency market.
BTC/USD, one month chart. Source: COINTELEGRAPH
Bitcoin, meanwhile, lacked significant price momentum depending on the $ 90,000 psychological score since Trump hosted the White House encryption summit from March 7.
The main support of the main $ 82,000 is that at the end of the week, investors can see the changes in Bitcoin feelings by digesting the nuances of Trump’s Bitcoin preliminary proposal.
relevant: Trump turned encryption from the ‘oppression industry’ to the ‘center’ of the US strategy.
Macroeconomic factors are the weight of Bitcoin prices.
Beyond the announcement of encryption, Bitcoin Price continues to be under pressure due to macroeconomic development and global trade issues. According to ILIYYA KALCHEV, the dispatch analyst from Digital Asset Investment Platform Nexo.
Bitcoin’s short -term exercise will be greatly affected by macroeconomic factors.
“All next weeks will be an indicator of major US economic events, including the consumer price index, which informs the slowdown in inflation, and the possibility of reducing interest rates.”
relevant: Increasing Bitcoin activity is a hint on the market, potential reversal
Nevertheless, the encryption market can produce significant volatility in less than $ 82,000 every week.
Bitcoin exchange liquidation. Source: COINGLASS
According to the CoingLass data, the potential bitcoin correction below the level will cause a $ 1.13 billion -US cumulative leverage liver liquidation on all exchanges, COINGLASS said.
In the bright side, Bitcoin can be close to the local floor based on RSI (RSI), a major technical indicator that measures whether assets are overreagy or excess.
BTC/USD, 1 day chart, RSI. source: Work capital
Bitcoin’s RSI stands at the age of 28 on a daily chart to see that assets are overreagy. During this period, Bitcoin’s RSI reached 28 years old, and Bitcoin Price was written in a popular password analyst, Rekt Capital, on March 8.
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