The price of Bitcoin showed some bullishness for a short span of time which probably tricked many traders to open longs and then the price went back to $40,000 in the trading hours of the evening. The price action in a week of Bitcoin was evaluated by an anonymous user of Twitter, Rekt Capital, and a trader of crypto. These people shared a chart showing the weekly behavior and noted that BTC is now below the 21-week mark in green and above the 50-week Market Bull EMAs marked in blue.
The Price Of Bitcoin Again Went Down Below $40K
As per Rekt Capital, the EMAs breaks have gone upside down to a great extent and as soon as the Market EMAs will be used for support, the previous Market Bull Momentum will be back. Though there are a lot of macro factors that affect the outside financial global markets, the price of BTC remains in the range of $35,000 to $45,000.
This has been stated by David Lifchitz, the chief investment officer and managing partner at the company, ExoAlpha. He also shared that Bitcoin is acting like assets full of risk rather than an inflation hedge. This fact that be proven by studying the price action for this crypto along with the Nasdaq of the earlier months.
In case the correlation with the suspected technology stocks stays high, the series the rate of interest that was planned will increase by the will of the Federal Reserves of the U.S. However, if this carries on, the risk assets will become toxic after some time and that could explain the reason for the decrease in the Bitcoin’s price.
Furthermore, Lifchitz gave advice for the investors who are satisfied and happy with the future potential of the crypto, that they should keep on trading the crypto when its price will fluctuate.