Another test of $64,000, BTC boring trend may continue for 3 to 6 months

One of the Fed's preferred inflation measures – the Core Personal Consumption Expenditures (PCE) Index – showed that inflation remained sticky, pump 2.8% in March from a year earlier, higher than expectations of 2.7%, prompting long traders to reassess their risk exposure.

Crypto Assets market ended the week poorly, Bitcoin continued to retest around the $64,000 key level, with the long alts slightly lower fall. Bitcoin traded between $63,300 and $64,825 on the day, with longest and shorter forces evenly matched. At press time, Bitcoin was trading at $63,897, down 1.4% fall 24 hours.

ETF Outflows are still increasing, with U.S.-listed Spot BTC ETF totaling $217 million per day, according to market data. This brings the total outflow for the week to $244.49 million. In contrast, Bitcoin has pumped around 3.7% over the past seven days. JPMorgan said the correlation between Bitcoin ETF prices and money inflows has weakened, falling from a high of 0.84 in January to a recently assessed 0.60.

alts closed the week lower, with the vast majority of long in the top 200 Token on Friday negative. Among the alts in the last pump, BinaryX (BNX) led the pump, pump 18.5% above and traded at $1.06, Helium (HNT) pump 7.35%, and Neo pump 6.7%. cat in a dogs world (MEW) fall 14.3% and had the largest fall on the day, followed by Arweave (AR) and Pendle (PENDLE) fall 9.8%.

The overall market capitalization of Crypto Assets is currently $2.36 trillion, with Bitcoin dominating 53.5%.

U.S. stocks closed the week above pump as earnings reports from Alphabet and Microsoft sparked investors' hopes for the Rebound of big tech stocks, despite higher-than-expected inflation data.

The S&P, Dow Jones and Nasdaq closed higher, pumping 1.02%, 0.40% and 2.03%, respectively. The dollar index pumped 0.41% on the PCE report and is currently trading at 106.02, while the US 10-year Treasury yield falls 88 basis points to 4.665%.

Michaël van de Poppe said that Bitcoin's boring price action is likely to continue for the next three to six months, which means that activity in the alt market is likely to increase.

Market analyst CryptoChiefs said: "After yesterday's good reaction in the $62,800 area, Bitcoin returned short term to its weekly opening price of $65,000, which remains a strong resistance level as we still haven't seen any 4-hour candles close above it." That's a lot of pressure level, but just above that, we also face strong downside resistance. ”

"The orange trend line (above) has been a resistance level for almost three weeks, so keep an eye on its reaction if it comes under test," he said. Further downside from here, the DM low zone has yet to be tested. ”

Market analyst Castillo Trading believes that the current ratio of whether the market will go lower or higher is 50/50, but he will personally buy the dips.

"For BTC, ETH and other Crypto Assets, we are basically in a 50/50 position for some valid predictions about whether the market should fall or pump up," Castillo Trading said on the X platform. If you're not sure, then any trade is still a deal. Bullish for me, personally will buy the dips. I agree that this market is annoying to participants, it seems to be a key point before we see a big move higher, and the fact that the trend has not broken down is a sign of stability for me".

"The short have already sold off in the strong Rebound seen earlier in the week, while the highly anticipated Bitcoin Halving has not had any significant impact on price action," Rachel Lin said in a note. ”

Lin noted that looking at the Bitcoin price chart during the previous Halving cycle shows that "there will be a sideways or downward falling trend in the weeks following the Halving until BTC breaks through its previous high, which is currently at 73,600 points." The recent support level continues to hold at the 60,000-point level, the importance of which is evident after the price rebounded sharply after hitting this area last Friday. If the price stays above 60,000, we may see a sideways trend. However, a falling below this level could trigger a strong sell-off. ”

Lin said she expects Bitcoin price action to remain Fluctuation in the near term, while Sideways consolidation. At the moment, 60,000 and 67,500 are still two important levels to watch. If the 60,000 fall breaks, the next strong support zone will be between 50,000-52,000, suggesting that the BTC price will be fall 15% lower. ”

(Source: BitPush)