The Currency Analytics
By Dan Saada
The price of the Bitcoin went below $5,380 and $5,200 in support versus the USD. A selling trend is widespread in the market at $5,160 and $5,200.
After the tether event, the price of Bitcoin settled below $5,380 versus USD. The BTC might likely consolidate in the short-term before a new decrease at $5,000.
Despite the few negative signs, the MACD is currently in the bullish zone. The Hourly (Relative Strength Index) is moving higher towards the 50 levels.
Tether reserves have led to the overall cryptocurrency market to plummet leading the investors to panic.
The market is moving towards new lows. And crypto investors are rushing to sell their crypto due to panic.
Tether has printed nearly $300 million of the stable coin, thus creating a magnetic effect on the market anytime Tether was added or removed.
Analysts have to say that we should ignore the Tether induced Bitcoin to sell-off. This is because the Bitcoin is already storming into the bull market.
Tom Lee stated, “Bitcoin crossed above its 200-day moving average on April 1. That’s a big technical hurdle to cover.
There is an increase in trading activity levels by 60% to 70%. The increases are actually taking off.
“Fundamentals are improving, technical are improving, and now there’s real activity by essentially crypto HODLERs.” This is a sign of global crypto adoption.
People in several countries are not interested in using their local currency. Lee stated, “Look I don’t trust using the local currency.