bitcoin (BTC អ) attempted to reclaim $40,000 as support on April 12 after a troubling start to the week saw BTC/USD hit three-week lows.
“Extraordinarily elevated” CPI data due
ទិន្នន័យពី Cointelegraph Markets Pro និង ទិដ្ឋភាពពាណិជ្ជកម្ម showed the largest cryptocurrency bouncing to $40,200 on Bitstamp Tuesday after falling to just $39,300.
Spurred on by a bleed-out in tech stocks in particular, Bitcoin looked decidedly unappetizing on short timeframes, and those previously betting on bullish continuation were left empty-handed.
នេះបើយោងតាមធនធានការត្រួតពិនិត្យតាមខ្សែសង្វាក់ Coinglass, the past 24 hours cost crypto traders a total of $428 million in liquidated long positions — the most in a day since Jan. 22.
“This roll over in tech is effecting BTC as well,” Blockware lead insights analyst William Clemente wrote in a ខ្សែស្រឡាយ Twitter on the current climate.
“Whether I agree or not, the market appears to be viewing BTC as a high beta play on tech, trading at an increasing correlation over the last month.”
The comments echoed those of former BitMEX CEO Arthur Hayes, who on Monday had forecast BTC/USD dipping to $30,000 as a result of the macro setup.
Adding insult to injury for the U.S. economy and associated sentiment, meanwhile was the latest Consumer Price Index (CPI) print due later on the day. Already at a 40-year high, the March readout is tipped to reinforce inflationary pressure as the first CPI data to be made public since the start of the Russia-Ukraine war.
The White House now warning of “extraordinarily elevated” inflation data.
This upcoming March CPI print is likely going to extremely ugly.
— Dylan LeClair (@DylanLeClair_) ខែមេសា 11, 2022
CPI events have historically tended to induce ភាពប្រែប្រួលរយៈពេលខ្លី in crypto markets, making Tuesday’s publication time of 8:30am Eastern time of particular importance for traders.
Some, therefore, were ពិចារណា the odds of downside pressure easing once the data is made public.
Whale support means $27,000 is “max pain”
Analyzing support levels where large-volume investors had bought BTC, meanwhile, fellow on-chain analytics platform Whalemap declared $27,000 as the “max pain” point for the market.
ដែលទាក់ទង: តម្លៃ Bitcoin ធ្លាក់ចុះដល់ $39K ប៉ុន្តែទិន្នន័យបង្ហាញថាឈ្មួញអានុភាពដែលសុបិនចង់ $50K
“$41,600 unfortunately did not hold. $38,400 is the new closest on-chain support,” it សង្ខេប នៅលើ Twitter ។
An accompanying graphic showing whale positions nonetheless showed that $41,600 “should have” held thanks to buyer interest.
ក្នុងនាមជា Cointelegraph ។ រាយការណ៍, meanwhile, some whales have been filling their bags below $45,000.
ទស្សនៈនិងយោបល់ដែលបានបង្ហាញនៅទីនេះគ្រាន់តែជាទស្សនៈរបស់អ្នកនិពន្ធប៉ុណ្ណោះហើយមិនឆ្លុះបញ្ចាំងពីទស្សនៈរបស់ Cointelegraph.com ទេ។ រាល់ការវិនិយោគនិងការធ្វើពាណិជ្ជកម្មទាក់ទងនឹងហានិភ័យអ្នកគួរតែធ្វើការស្រាវជ្រាវដោយខ្លួនឯងនៅពេលធ្វើការសម្រេចចិត្ត។
Source: https://cointelegraph.com/news/bitcoin-claws-back-40k-as-24-hour-crypto-liquidations-near-500m