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Monday, April 12, 2021

Price Analysis Of Bitcoin And Other Cryptocurrencies

The selling pressure is being put by the equities markets on a global level and is continuously weighing the Bitcoin price. On the other hand, the traders are trying to flip this present level of $50,000 back to their support.

The analysts are anticipating that the economy of the United States of America will be showing a stable recovery during the 2nd half of this year of 2021 while the coronavirus vaccination is being distributed and will most probably boost their economic activity which is growing rapidly once again.

Bitcoin Faces Selling Pressure

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While the US economy is growing, there are some inflation concerns as well. Speculations are emerging regarding the Federal Reserve of the US that they might need an adjustment for their dovish attitude in order to retain their control over the interest rates.

The US Treasury of 10 years has spiked from approximately 1% during the beginning of this year to almost 1.626% while they were in anticipation. As a result of this, the profit booking in the assets was considered to be a risk along with the equities pullback that was a transitory pause that happened for the reason that they wanted to be put on the rally of Bitcoin.

The decline in the investor mindset has hurt the prices of the stock including Tesla and MicroStrategy who had made an investment in Bitcoin very recently. The stock price of MicroStrategy has dropped by more than 50% when it was at an all-time high of $1,315. This happened despite BTC prices recently going down by 20% from their record high.

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Tesla had made a whopping investment of $1.5 billion in Bitcoin on 8th February but experienced a decline of more than 34%. Gary Black, a Tesla analyst, suggested selling BTC holdings and using that money for their stock buyback.

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