Bitcoin Battered 10% in One Week
BITmarkets Team
May 01, 2023
Bitcoin bears are basking in profits as BTC barely holds $27,000 after subsequent rounds of losses, leaving bulls with little influence on the behemothic cryptocurrency.
In comparison with United States equities, which managed to secure significant gains on April 22, Bitcoin continued to be battered and analysts are warning of a potential drop towards the $25k level. Coinglass data shows that BTC/USD was down 10% in the week and 4% during the month of April.
Some traders and analysts however, have remained optimistic. Popular trader Credible Crypto believes that Bitcoin is still quite intact and should grow in the near future, tweeting: ““If your macro thesis on Bitcoin has changed because of a $2,000 pullback after a $10,000+ vertical rally from 19k to 30k+ you’re doing it wrong.”
In another post, Credible Crypto insists that such price action is considered “common” in the crypto markets, and that “A retest of 25k here would be logical and healthy.” Others share the same positive outlook for Bitcoin, with crypto analyst CryptoCon delivering similar conclusions based on the relative price index (RSI) of BTC:
“Short term #Bitcoin price action seems grim, but behind the scenes, the Weekly RSI has broken out of a 6-year downtrend and is now attempting to make support.”
Sources:
https://cointelegraph.com/news/bitcoin-traders-call-for-calm-as-btc-price-slips-10-in-a-week
https://twitter.com/CredibleCrypto/status/1649554235602661376
https://twitter.com/CredibleCrypto/status/1649573328506552320