The price of Bitcoin is under pressure today and has dropped below $29,500 for the first time in a week after reaching an annual high of $30,975 last Friday. BTC’s low price at the time of writing was $29,410.
The decline is unexpected because the market is currently in a “bullish vacuum.” Last week, both the Consumer Price Index (CPI) and Producer Price Index (PPI) were significant positive surprises, propelling the Bitcoin price to a new yearly high.
There will not be any significant macroeconomic data released in the next two weeks that might significantly affect the price of Bitcoin. This will change only on May 3 when the Federal Open Market Committee (FOMC) of the US Federal Reserve holds its next meeting. As a result, there is now a bullish vacuum.
What Causes Today’s Fall In Bitcoin Price?
The current price fluctuation of Bitcoin can be categorized as a technical correction. The resistance range between $30,270 and $32,150 has established itself as a challenging barrier for BTC, according to crypto expert Ali Martinez tweet. From 360,000 addresses in this region, almost 770,000 BTC were purchased.
Another crypto analyst, “@exitpump” has pinpointed a reason for the current movement. “BTC spot dumping their coins, unusual big sell delta from Bitfinex. Walk price down and nuke it, perfect,” writes the analyst.
The chart below, which he also posted, demonstrates that Binance is exerting more selling pressure than Coinbase, which is relatively weak.
The price of Bitcoin is under pressure today and has dropped below $29,500 for the first time in a week after reaching an annual high of $30,975 last Friday. BTC’s low price at the time of writing was $29,410.
The decline is unexpected because the market is currently in a “bullish vacuum.” Last week, both the Consumer Price Index (CPI) and Producer Price Index (PPI) were significant positive surprises, propelling the Bitcoin price to a new yearly high.
There will not be any significant macroeconomic data released in the next two weeks that might significantly affect the price of Bitcoin. This will change only on May 3 when the Federal Open Market Committee (FOMC) of the US Federal Reserve holds its next meeting. As a result, there is now a bullish vacuum.
What Causes Today’s Fall In Bitcoin Price?
The current price fluctuation of bitcoin can be categorized as a technical correction. The resistance range between $30,270 and $32,150 has established itself as a challenging barrier for BTC, according to crypto expert Ali Martinez tweet. From 360,000 addresses in this region, almost 770,000 BTC were purchased.
Another crypto analyst, “@exitpump” has pinpointed a reason for the current movement. “BTC spot dumping their coins, unusual big sell delta from Bitfinex. Walk price down and nuke it, perfect,” writes the analyst.
The chart below, which he also posted, demonstrates that Binance is exerting more selling pressure than Coinbase, which is relatively weak.
BTC is now trading at a live price of $29,360 USD with a 24-hour trading volume of $18,033,475,814 USD. The price of Bitcoin dropped by 3.28% the day before. Currently, CoinMarketCap is ranked first with a current market cap of $568,262,922,401 USD. 19,348,806 BTC coins are now in circulation, with a maximum supply of 21,000,000 BTC coins.
Related Reading: | Weekly Market Watch: Bitcoin & ETH Leads The Bull Charge, Altcoins Follow Suit |