Bitcoin – Daily Chart
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Investing.com – After recently sending an encouraging signal, holding above its 100-day moving average for about 2 days, and brushing $43,000 yesterday afternoon, Bitcoin fell sharply.
Indeed, after a peak at $42,977 around 3 p.m. yesterday, Bitcoin began a correction which led to a low at $39,807 around midnight, a drop of more than 7% in less than 10 hours.
The hawkish intervention of Jerome Powell, in the evening, is undoubtedly not foreign to this downward movement of the BTC, the boss of the Fed having quite explicitly confirmed a rate hike of 0.5% for the next meeting of the FOMC on May 4.
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This has also affected the , which has exhibited a strong correlation to Bitcoin in recent weeks, with the US tech stock index ending yesterday down more than 2%.
From a technical point of view, the rejection below the 100-day moving average weakens the profile of the , and puts the $40,000 threshold in sight, moreover already briefly tested last night, before Monday’s low around $38,500. .
On the upside, the 100-day moving average at $41,200 and the $42,000 zone are the first significant hurdles that Bitcoin traders should consider in the short term.
Beyond that, the $45,000 zone, then the $48,000 zone, where the 200-day moving average is currently located, will be the next important levels before the major psychological threshold of $50,000, the crossing of which could signal the beginning of a sustainable bull phase for Bitcoin.