As bitcoin nears support at $30,000, analysts are divided on what happens next.
“We believe that there is not much downside in the short term as we trade near the bottom end of the $30,000-$42,000 trading range,” Delta Exchange CEO Pankaj Balani said.
The S&P 500, Wall Street’s benchmark equity index, rose 1.4% on Monday, signaling a reevaluation of risk in financial markets following last week’s drubbing.
In written remarks prepared for his testimony before the House Select Subcommittee released yesterday, Powell reiterated his view that a recent uptick in inflation would prove short-lived.
Balani foresees a bounce to $40,000 in coming weeks.
The firm pointed to the recent negative funding rate in perpetual futures listed on FTX, Deribit, and BitMEX as evidence of retailers’ short bias.
According to Amber Group, some investors have been selling puts below $30,000 – a sign they are expecting the key support to hold.
“There’s no direct evidence showing people in China are buying the BTC dip.
Dibb said charts also appear bearish.
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