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Analyst Marcus Sotirio A UK-based digital asset broker GlobalBlock
Bitcoin continued to fall, reaching key levels of support and below $ 33,000. Bitcoin rebounded last week, suggesting it was priced, after the Federal Reserve raised interest rates by 50 basis points. However, this was just a bounce of relief, as Bitcoin fell by almost 18% in five days. Investors are clearly concerned about the Fed’s aggressive monetary policy, as it will also begin quantitative monetary tightening (removing liquidity from the market) in June.
In addition to macro headwinds Cryptography Space with UST Largest distributed stablecoin. UST lost his pegs on Saturday on suspicion of a coordinated attack on Stablecoin. Do Kwon, founder of Terraform Labs, the creator of UST, said Terra’s security claims are “confused” (fear, uncertainty, suspicion), and the protocol is certainly robust to withstand these types of attacks. I reassured people that. UST has regained its pegs as it has returned to $ 0.995.
The negative sign prior to this sale is that Bitcoin’s Coinbase spot price is discounted compared to Binance’s spot price. This shows that a higher percentage of institutions use Coinbase compared to retailers, but the opposite for Binance. Therefore, the price discrepancies mentioned suggest that financial institutions are currently less interested than retailers. This would be good for keeping an outlook, and if this reverses / it could be consistent with some bailouts or reversals in the market.
Technically, Bitcoin’s structure is bearish as it continues to be low and low, but Bitcoin is now approaching the lower end of the 16-month range. Regions of $ 28,000 to $ 32,000 near the lower end of the range may be suitable regions to add to long-term holdings in terms of risk and compensation.
The indicators on the chain remain incredibly bullish, as the percentage of Bitcoin that hasn’t moved within a year is now the highest ever.Every time a macro bottom was previously formed in the market when this happened, it Cryptography market. This shows that the proportion of Bitcoin holders who are long-term HOD Lers is increasing. This is positive because it shows that short-term holders are selling to people with long-term beliefs.
