Bitcoin struggles to hold $23k as global markets fall under pressure Bitcoin BTC Bitcoinprice
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At the close of markets in the U.S., the S&P, Dow and Nasdaq all finished the day lower, down 0.61%, 0.10%, and 1.00%, respectively, while crude oil gained 1.42% to trade at $74.43 and the 10-year bond increased by 2.89%. Additional technical insight into Bitcoin’s price action was provided by the analysts at Eight Global, who noted that BTCs price “failed to establish support above $23.5k” and has started the week under the 8EMA . Last week also began with a Monday candle that closed beneath the 8EMA, but BTC managed to climb above that level on Tuesday and wick as high as $24,300.
A heatmap of Binance Futures shows that “there is a cluster at around $22.5k, and in comparison, only little liquidity above us, which could be a sign that bears were largely conditioned to stop shorting, and last week’s Powell certainly did not help the bearish bias as much as many were expecting.”In order to validate a bullish position moving forward, Bitcoin needs to flip $25,500 to support, which could happen later this week “if Powell doesn’t re-release the hawks on Tuesday.
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