Bitcoin can soon reach to 30K - the coin leaks

Bitcoin can soon reach to 30K

Bitcoin (BTC) began on the Wall Street trading session with the highest level of $41,500 on March 21 , as the gains of last week’s closing session lasted.

McGlone: Fed is saying “Don’t invest in the dip”

The data from the crypto market and TradingView revealed that BTC/USD was moving $500 before trading on Wall Street open to see an impressive start following its highest closing week in over four weeks. However, the it was a short-lived gain.

In the midst of a booming market for stocks, the biggest cryptocurrency had mixed results in the shortest timeframes, as investors waited to determine what kind of trajectory it can last.

For the well-known traders like Crypto Ed, this region between $41,500 and $41,500 was crucial as a pivot point. A bounce or continuation could happen and provide an opportunity for longer-term positions, but the possibility of a rout could mean the price would fall below the $40,000 support.

In his most recent YouTube Update, the YouTuber pointed out $37,000 as a possible bearish price target.

Examining the chart for four hours In the meantime, trader Pierre identified the $40,800-$41200 region as an “must keep.”

“LTF pivots today, is imo (break it, then teleport up from 42.0-42.5k),” he concluded in the most recent post in a special Twitter thread on spot price movement.

Looking at the macro picture in a larger sense The macro picture is also discussed. Mike McGlone, senior commodity strategist at Bloomberg Intelligence, had some troubling news for those who believe that the resurgence in stocks will last for a longer time.

“So we’re in the longest market for stocks in the last 20 years… the most expensive market for stocks in terms of GDP the history of humanity, the most expensive stock market in comparison to real estate and global equity markets… And a large part of it is because we’ve been leading to inflation and the Fed must halt this inflation” he said on The Wolf of All Streets Podcast on Monday.

“So for me, this is the most important aspect of this year’s puzzle; that if it’s not completed -that is – i.e. the market is down by around one-third — then it’s going to become an issue.”

So betting was in place already for a major equity correction, and Bitcoin’s positive correlation creating losses for hodlers an enormous danger.

In the meantime, McGlone pointed to hints from United States Federal Reserve Chair Jerome Powell that more aggressive rates of interest to control inflation may be in the future sessions that are part of the Federal Open Market Committee.
“That was my advice toanyone who doesn’t understand it yet “Don’t take the dip for granted” — that’s for people who haven’t learned the lessons they’ve learned,” he said.

Concerning Bitcoin particularly, the man mentioned the goal of $100,000 years in the future, but also said the market “might be able to see $30,000 before.”

Germany exposes the dangers of inflation

The most macro-related information that was difficult to digest was reported from Europe before opening bell at Wall Street opening bell.

Despite a rise in European equity markets versus the month of conflict in Ukraine and Russia Russia and Ukraine the inflation numbers showed how much of a problem that policymakers are facing.

The market’s top priority for analyst Holger Zschaepitz, Monday was the German producer price index (PPI).

“German PPI jumps 25.9% YoY in February. This is the biggest growth since the inception of the data in 1949. PPI ex-energy climbed 12.4 percent YoY,” the economist warned.

Similar to BTC the gold that is a classic safe-haven is also searching for direction and was able to make up the ground it lost in the downward candle on Friday and trading around $1,934 at the moment of writing.

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