Bitcoin (BTC) continued its decline at Wednesday’s Wall Street opening with its first test of $44,000 since early April. Alerts say the bulls will not plan as the $44,000 support remains in balance.
Bitcoin price near two-week lows
Data from TradingView shows that BTC hit a 12-day low of $43,801 on Bitstamp, 7% higher than this month’s high. It shows a decrease above . The move has challenged positive triggers such as new purchases from MicroStrategy and Terra. But analysts are instead watching macro factors as the next potential BTC price booster.
Jeroen Blokland, portfolio manager at asset manager Robeco, says the US 10-year Treasury yields, which have been on the rise throughout the year, should reverse direction and provide some relief for risky assets.
As we have mentioned in the news ofKriptokoin.com, the Fed announced that in May, in a possible counter move, the balance sheet should start to shrink in an “aggressive” way. This development puts an end to the “easy money” policy that many fear will suppress risk-asset demand.
Inflation continued to dampen sentiment beyond the US, with Eurozone annual producer price inflation hitting a record high above 31% in February. According to experts, due to the Russia-Ukraine war, future data is likely to be even higher.
“BTC needs to hold at this level or else…”
In a troubled environment, price watchers are ready for some easing and $44,000 should be held as bullish foundation.
CryptoQuant contributor, known for his private fund manager and popular Twitter account, Gaah He states that $44,400 is the level that needs to be defended in BTC to avoid a dive that could potentially take it to $37,000.
Trader Crypto Ed adds in a more worried tone, “Something is going wrong and the next days will show what’s going on.” In his latest YouTube update, the analyst said that a failure of $45,000 in BTC would then open the way to $43,000.
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