3 signs hint that Bitcoin price is nearing a bottom!
The result of today’s Federal Reserve minutes, #Bitcoin miners’ #robustness and #increasing #stablecoin demand in #China could be signs that #BTC has bottomed.
Bitcoin BTC $57,089 price #crashed between April 30 and May 1, with its price #decreasing by 11.5% to $56,522. This downturn triggered $172 million in leveraged long position #liquidations, which is notably low given that BTC #futures open interest was at $28.9 billion before the price crash. Consequently, it would be simplistic to #assume that bulls were taken by surprise.
On April 30, the yield on the U.S. Treasury 2-year note climbed to its highest level in five months, reaching #5.06%, as investors sought higher returns to offset #increased risk following the announcement of a $1.07 trillion deficit for the first half of 2024. Since the Fed's rate hikes throughout 2023, interest #expenses on the deficit have #risen by 23% in the first half of 2024 and are projected to continue to rise as long as rates remain elevated.
A key indication that Bitcoin’s price #correction may be reaching a bottom stems from the #traditional #markets, following a series of robust first-quarter corporate earnings #reports from major companies such as Amazon, Microsoft, Google, Netflix, TSMC, Samsung, Coca-Cola, Morgan Stanley, Citigroup, HSBC and Barclays. A temporary recovery in the #stock #market shifts investor focus away from Bitcoin and other risk-on assets, although traders may seek alternatives if the Fed decides to maintain #higher #rates for an #extended period.
https://cointelegraph.com/news/3-signs-hint-that-bitcoin-price-is-nearing-a-bottom