Related Reading | Bitcoin Holders Trigger Largest Capitulation In Its History, Bearish Horizon For BTC?
At the time of writing, Bitcoin (BTC) trades at $38,400 with 1.1% losses in the last 24-hours.In spite of the overall bearishness, we’ve actually been seeing decent upside demand both in the front-end as well as out to September and December.In the options market, QCP Capital records an increase in demand for calls for Bitcoin at $40,000 in May. Thus, the cryptocurrency could rally in the coming days as the FED’s announcement seems to be priced in.
Bitcoin Shows Some Bullish Signals, But Doom Is Still In The Cards
Analysts from Material Indicators seem to support the short-term bullish thesis. This could provide Bitcoin with support to get back into the $40,000 levels. As one analyst recorded, for the first time in a while, exchanges’ order books show that big players have been stepping up and buying into BTC’s current price action. In past months, the cryptocurrency has been able to bounce, but any rally has been rejected at critical resistance.CVD is showing Whales and Mega Whales have been market buying in this range and a rounding bottom pattern is forming. A relief rally may be coming. Doesn't mean the macro bottom is in. — Material Indicators (@MI_Algos)
Related Reading | TA: Bitcoin Bears Keep Pushing, Why Upsides Remain Limited
Another analyst claims the U.S. dollar could present some losses as it trends downwards into “weak” support at $0.95 in the EUR/USD chart. The analyst the following hinting at the possibility of another “dead cat” bounce and more downside price action for BTC:Last time it hit one of these was in the first March week. BTC rallied afterwards. So, now that it hit another level, maybe BTC will give us another exit pump before doom?