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8:23 PM · 10 May 2024

Bitcoin falls 3.20% and tests $61,000 support 🎯

The second phase of Friday's trading session on international financial markets brings a deterioration in investor sentiment. The US dollar regained ground after a reading of weak University of Michigan sentiment, which coincided with higher inflation forecasts. US yields also rebounded. As recently as yesterday, we saw a pullback on US 10-years to the 4.46% region following a powerful reading on unemployment benefits. Today, this movement was more than made up for. 

In addition to the strength of the dollar and the pullback on Wall Street, weak sentiment has also been seen in the crypto market, with Bitcoin approaching a retest of the psychological USD 60,000 barrier.

Inflows into ETFs have slowed down, and after a few days of higher volatility, we are back to near-zero levels again.

The total value traded on BTC is down from its historical highs of about a month ago. However, looking at the longer history, we still see a much lower average turnover than during the bull market in 2021. Based on this data, we can conclude that interest in cryptocurrencies is still not at the same high level as in the previous cycle. 

Bitcoin (D1 interval)

Bitcoin is again falling around the support zone at the USD 60000-61000 level. Sentiment on cryptocurrencies has not been the best in recent weeks. Even the rebound on the indices has not resulted in a sustained price rise. For the bulls, the key level to be defended will be USD 60000, followed by USD 57000. 

Source: xStation 5

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