(6/8, Tue) btc started the new week with big drop despite the good news
Yesterday(6/7 00:00 - 24:00, UTC+0), bitcoin price recorded its starting as $35780, its lowest as $33300, its highest as $36806, its closing as $33538. After the start of the new week, Bitcoin rose briefly and reached a high at 01:45, then fell to the daily starting price and rose to near the high again, but failed to break through and began to decline again. It declined, reaching a bottom at 23:45 and ending with a final decline of -6.3%.
If you look at the 4-hour chart, btc, which briefly broke above the 50MA at the first candle, broke down again and then moved sideways, plunged over $2,000 at the last candle with the selling volume increasing which must have been bad move because it had not moved much in the past two weeks.
In the financial market, there is also an analysis that the US Treasury Secretary Yellen's comments on a "slightly higher interest rate" may have stimulated the uneasy cryptocurrency market and led to a decline. Meanwhile, MicroStrategy is preparing to issue bonds for an additional $400 million to buy bitcoin which could have good impact on the crypto market.
And there is one more good news by which ForUsAll, a leading retirement investment platform for small businesses, announced the introduction of the Alt 401(k), its retirement investment platform that allows employers to offer cryptocurrency as the plan’s first alternative investment by selecting Coinbase Institutional, a leading cryptocurrency platform. Following the news of the acceptance of Bitcoin as the official currency in El Salvador yesterday, the price of Bitcoin will also go "To the Moon" as the more US 401k pensioners, who have 6.7 trillion dollars in their funds, choose Bitcoin option.
that weekly chart that I was worried about a few weeks ago became real, now let's hope to get out of it soon or we are in for a long time of fall or little rise. However, the two points you made in favor of the rise are very valid, let's hope they have the desired effect. As always it is a pleasure to read your analysis.
Thank you for the comment. I remember your MACD comment and I thought btc would go more at that time because it had ignored many signals with the market warning since October last year. And I guess the said two good news would have been big things if now were uptrend market.