After falling below $ 45,000 on March 31, Bitcoin (BTC) surprised investors with a faster-than-expected recovery to $ 46,500.
Data from Cointelegraph Markets Pro and TradingView show that the bears managed to push bitcoin to an overnight low of $ 44,210 before the bulls appeared to push the price above $ 46,500 at noon.
BTC / USDT 1-day chart. Source: Trading View
Here’s what a few analysts have to say about Bitcoin’s short-term outlook and developments that could be a headwind for the major cryptocurrency at the beginning of the new month.
The macro environment continues to influence the price of BTC
Events in the global financial market continue to have a huge impact on the cryptocurrency markets and are likely to continue to do so in the foreseeable future.
According to Macro Hive CEO Bilal Hafez, “Bitcoin is currently dominated by macros,” as evidenced by “the last days of stock market weakness” which “also led to a fall in bitcoin.”
Hafez also mentioned higher interest rates in the US, a hawkish stance on the part of the Federal Reserve and weaker Chinese markets as reasons for the current volatility in the stock markets.
As these macro events continue to put pressure on the financial markets, Macro Hive indicated that there are signs of hope in the figures related to Bitcoin.
“Bitcoin’s momentum is bullish when the flows of exchange traded funds (ETFs) resume, open interest increases and fraudsters build up.”
Traders are waiting for a break over $ 48,000.
According to David Lifshitz, CEO and Chief Investment Officer of ExoAlpha, the decline in the price of bitcoin over the last 24 hours was somewhat predictable. Lifshitz referred to the “seven-day winning streak” in Bitcoin and the quarterly activity of institutional investors that contributed this fall.
Despite the withdrawal on March 31, Lifshitz noted that “the guideline for the March 21 upturn remains unchanged” and is likely to remain support going forward, far from “revising the $ 40,000 low over the next two days.”
The “wildcards” identified by Lifshitz that could affect this forecast include “the situation in Ukraine, the EU Finance Commission, which will retaliate against cryptocurrency, and the liquidation of Mt.Gox, which could take place at any time.”
“A break over $ 48,000 and then $ 51,000 is what the bulls are looking for, so we’ll see if they’re happy next week (new quarter = potential for new institutional flows.”