1-hour candlestick chart of BTC/USD (Bitstamp). Source: View of the shop
The price of BTC remains under strong pressure
Data from Cointelegraph Markets Pro and Tradingview showed further downward pressure on BTC/USD on Wednesday, exacerbating the downward trend that began late Sunday.
While there were no lows for the week near $53,000, the recent drop to $54,425 on Bitstamp underscores bitcoin’s correction after reaching record highs of $61,700.
This weakness coincided with the strength of US bond yields, a classic pullback for BTC performance. Nevertheless, intra-chain indicators showed broad-based strength, while derivative financing rates also cooled, fuelling positive sentiment alongside spot prices.
Bitcoin will continue to rise and rise in the near future – we don’t need charts or technical analysis to tell us what’s painfully alive, predicts trader Scott Melker in a recent YouTube update.
BTC/USD (blue) versus the chart of interest rates on 10-year US bonds (orange). Source: TradingviewPeople are increasingly interested in buying bitcoin as a hedge against the behavior of central banks and the endless printing of money, while at the same time supply is rapidly leaving the market.
I bought another BTC for 56,500. In case anyone is wondering if I’m still optimistic: Galaxy Digital CEO Mike Novogratz added another example of investor optimism that day.
At the time of writing, BTC/USD was hovering around $55,000, with a slight return to form keeping the pair from testing lower lows.
We’re only going to see more downside after $BTC lost ~$55,000, says popular Twitter account Rekt Capital, echoing recent analysis from Cointelegraph.
Interested in buying and selling BTC/USD (Finance). Source: Material displays
Long-term connection Warning connection
In terms of institutional involvement, bitcoin investment firm NYDIG has made a few big announcements this week from major potential investors.
In the episode of 10. In the March 4 podcast On The Brink, Robbie Gutman, CEO and co-founder of NYDIG, dispelled any doubts that the institutional world is on the brink of an upheaval.
I think – I don’t think, I know – that starting next week you’re going to see a breakneck pace of pretty volatile moves by some of these companies that are really going to mark a new point in the acceptance of bitcoin, the availability of bitcoin, bitcoin products and services in the existing traditional financial landscape, he said.
As Cointelegraph reports, the bond issue has now caught the attention of several high-profile sources. This week, billionaire Ray Dalio advised investors to stay away from dollar targets, and MicroStrategy CEO Michael Saylor spoke out in favor of bitcoin.
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