{"id":221786,"date":"2021-04-08T12:03:49","date_gmt":"2021-04-08T09:03:49","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-price-stalls-as-traders-warn-btc-could-dip-lower-than-55k\/"},"modified":"2021-04-08T12:03:49","modified_gmt":"2021-04-08T09:03:49","slug":"bitcoin-price-stalls-as-traders-warn-btc-could-dip-lower-than-55k","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-stalls-as-traders-warn-btc-could-dip-lower-than-55k\/","title":{"rendered":"# Bitcoin price stalls as traders warn BTC could dip lower than $55K"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a4bb0a553fa9\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a4bb0a553fa9\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-stalls-as-traders-warn-btc-could-dip-lower-than-55k\/#56760_%E2%80%9Cnot_a_convincing_bottom%E2%80%9D\" >$56,760 &#8220;not a convincing bottom&#8221;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-stalls-as-traders-warn-btc-could-dip-lower-than-55k\/#Macro_turns_favorable_for_Bitcoin_bulls\" >Macro turns favorable for Bitcoin bulls<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Bitcoin price stalls as traders warn BTC could dip lower than $55K <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-5a136f3a>Bitcoin (BTC) barely recovered its losses on April 9 as fresh doubts emerged about the bull run continuing this month.\u00a0<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-04\/25b4cd6e-0364-4e3f-a084-2a31c230fe02.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: Tradingview<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"56760_%E2%80%9Cnot_a_convincing_bottom%E2%80%9D\"><\/span>$56,760 &#8220;not a convincing bottom&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>After sliding 5% on Wednesday, BTC\/USD saw only a modest rebound to circle $57,000 at the time of writing,\u00a0Cointelegraph Markets Pro and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\">TradingView<\/a> showed.\u00a0<\/p>\n<p>Following multiple failed attempts to crack resistance close to all-time highs, analysts were becoming wary of a further dip and a temporary halt to further price gains. <\/p>\n<p>Filbfilb, co-founder of trading suite Decentrader, described this week\u2019s current floor of $56,760 as \u201cnot a convincing bottom.\u201d<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-04\/d62e75cd-47c8-4abd-ad22-669ef783b36c.jpg\"><figcaption style=\"text-align: center;\"><em>BTC funding rates. Source: Bybt.com<\/em><\/figcaption><\/figure>\n<p>As reported on Wednesday, funding rates among trading platforms call for a shakeout of leveraged long positions from those overly bullish on a continuation. For Filbfilb, those rates remain \u201cway too high,\u201d he told subscribers of his Telegram trading channel.<\/p>\n<p>Popular <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> trader Cantering Clark meanwhile <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CanteringClark\/status\/1379958379364421632\">pointed<\/a> to Bitcoin\u2019s 20-week moving average (MA) \u2014 a classic \u201cline in the sand\u201d for price performance \u2014 still lingering at around $40,000.<\/p>\n<p>\u201cMore fuel for why I think April-May puts a lid on $BTC until later in the year,\u201d he commented on a comparative chart. <\/p>\n<blockquote><p>\u201cSimple as it is, this 20 week MA with a 2 standard deviation band above. At some point, these meet. Either it comes to us or we come to it. Hard to imagine this takes plus much higher up.\u201d<\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"Macro_turns_favorable_for_Bitcoin_bulls\"><\/span>Macro turns favorable for Bitcoin bulls<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Despite institutional interest continuing in recent weeks, fuelled by major new adoption announcements from banks, signs of a slowdown were also beginning to show on the day.<\/p>\n<p>The Purpose Bitcoin ETF saw a slight reduction in its BTC holdings after consistent growth, with its assets under management <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bybt.com\/etf\">dipping<\/a> in tandem from highs of $976 million to $944 million.<\/p>\n<p>Fellow institutional portal Grayscale\u2019s Bitcoin Trust (GBTC) maintained its negative premium, meanwhile, a phenomenon which has put pay to further Bitcoin accumulation since February.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-04\/dadbe335-ce79-4079-88cc-22e31691b298.png\"><figcaption style=\"text-align: center;\"><em>GBTC price, holdings and premium chart. Source: Bybt<\/em><\/figcaption><\/figure>\n<p>But not everyone was wholly gloomy. For trader trader Crypto Ed, the ultimate market trajectory was clear.<\/p>\n<p>\u201cNot in a rush to get in a position,\u201d he <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Crypto_Ed_NL\/status\/1380070419974254594\">told<\/a> Twitter followers on Thursday. <\/p>\n<blockquote><p>\u201c54k first or up from here, both mean we&#8217;re starting a strong 3rd leg and plenty of upside waiting for us. BTC will break 60k and finally go much higher.\u201d<\/p><\/blockquote>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-04\/b1b9a1af-96c8-47c7-b39c-8dd97bb999df.png\"><figcaption style=\"text-align: center;\"><em>U.S. dollar currency index (DXY) 1-hour candle chart. Source: Tradingview<\/em><\/figcaption><\/figure>\n<p>Beyond crypto, a buoyant outlook for United States stock markets coupled with a weakening dollar could further serve Bitcoin\u2019s purpose in the short term.<\/p>\n<p>\u201cWith excess savings, new stimulus savings, huge deficit spending, more QE, a new potential infrastructure bill, a successful vaccine and euphoria around the end of the pandemic&#8230;U.S. economy will likely boom,\u201d <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2021\/04\/07\/jamie-dimon-says-economic-boom-fueled-by-deficit-spending-vaccines-could-easily-run-into-2023.html?__source=iosappshare%7Ccom.apple.UIKit.activity.PostToTwitter\">noted<\/a> JPMorgan CEO, Jamie Dimon in his annual shareholder <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a>letter earlier this week.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-price-stalls-as-traders-warn-btc-could-dip-lower-than-55k\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Bitcoin price stalls as traders warn BTC could dip lower than $55K &#8221; Bitcoin (BTC) barely recovered its losses on April 9 as fresh doubts emerged about the bull run continuing this month.\u00a0 BTC\/USD 1-hour candle chart (Bitstamp). Source: Tradingview $56,760 &#8220;not a convincing bottom&#8221; After sliding 5% on Wednesday, BTC\/USD saw only a&#8230;<\/p>\n","protected":false},"author":1,"featured_media":221787,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDQvMTllNGIzNjQtMTQ1My00ZDFlLTgxZTktYTAwMGY0ZTJhZDc5LmpwZWc=.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,73785],"class_list":["post-221786","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/221786","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=221786"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/221786\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/221787"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=221786"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=221786"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=221786"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}