Bitcoin analysts warn of falling below $ 55K

Bitcoin (BTC) failed to stop losing value on April 9, raising doubts about the continuity of the bull market.

1-hour candlestick chart (Bitstamp) of the BTC / USD pair. Source: Tradingview

$ 56,760 may not bottom

BTC / USD, which lost 5 percent on Wednesday, is trading at around $ 56,580 as of the time of translation, according to data from Cointelegraph Markets Pro and TradingView.

Having failed several times to break the $ 60k resistance, Bitcoin worried analysts about a larger drop.

Analyst filbfilb suggested that the low of $ 56,760 seen this week is not a “convincing bottom price”.

BTC funding rates. Source: Bybt.com

The funding rates of the trading platforms reveal that those who expect a high rise are using excessive leverage. Filbfilb warned that these funding rates are far higher than they should have been.

Popular investor Cantering Clark said that Bitcoin’s 20-week moving average is still around $ 40,000. drew attention.

“This is one of the reasons why I think that the uptrend will be suspended in April-May,” said Clark.

The situation in the macro market is in favor of the bulls

Although corporate interest has continued in recent weeks, it can be seen that this interest has slowed down.

Purpose Bitcoin exchange traded fund’s (ETF) BTC savings declined slightly after sustained growth, from $ 976 million to $ 944 million.

Grayscale Bitcoin Trucks (GBTC) also maintains its negative premium.

GBTC price, savings and premium chart. Source: Bybt

However, not everyone looks at the current situation negatively. Investor Crypto Ed, the ultimate fate of the market said it was pretty clear.

“From here we will either drop to $ 54,000 or rise, both of which means we are starting a new uptrend. BTC will eventually break $ 60k and rise even more. “

1-hour candlestick chart of the US Dollar Index (DXY). Source: Tradingview

On the other hand, the positive situation of the US stock markets and the weakening of the dollar can also give Bitcoin strength in the short term.

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