The week began with the BTC/USDT pair falling by 2.29% to $69,649 on April 1. Increased volatility was observed in all trading sessions. At the Asian session, the first wave of BTC sales took place, leading to a decline in the rate to $68,888. At the American session, a second wave of sales followed after an unsuccessful attempt at a rebound, pushing the rate to $68,062. However, by the end of the day, the price recovered to $69,900. The support at $68,300 remained . On April 2, the situation worsened – during morning trading the crypto market collapsed. The BTC/USDT pair fell by $3,000, to $66,000. The total capitalization of the cryptocurrency market fell to $2.623 trillion. In 24 hours, open positions worth $400 million were liquidated, including long ones worth $313.93 million. Despite this, buyers remained optimistic before the halving and tried to buy Bitcoin from the trend line. At the same time, sellers sought to implement the scenario of the formation of a “double top” pattern, which could lead to another fall to $60 thousand.
On April 3, the BTC/USDT pair showed an increase of 0.76%, to $65,963. The price was trading in a sideways trend, but increased volatility was observed in the American session after the release of weak statistics on business activity in the service sector in the United States. Against the backdrop of a weakening dollar, the Bitcoin rate rose to $66,093, but buyers failed to strengthen the developing upward momentum. Sellers brought the price back below $66,000, aiming for $62,500. On April 4, there was a rebound – the BTC/USDT pair increased by 3.83%, to $68,487. The recovery began in the Asian session from $65,023 and accelerated in the American session to $69,309. Growth was caused by a message from the head of the mining company Hut 8 Mining that large banks are actively buying Bitcoin directly from miners. Also favorable factors remain the approved spot Bitcoin ETFs and the approaching halving.
On April 5, during the Asian session, the BTC/USDT pair dropped to $66,380, which was likely a delayed reaction to the strengthening of the dollar and the fall of stock indices. This happened after statements by representatives of the US Federal Reserve, who made it clear that the Federal Reserve may not rush to cut rates in 2024, despite a possible slowdown in progress in the fight against inflation. At the end of Friday, the BTC/USDT pair decreased by 0.97%, to $68,487 against the intraday low of $65,952. The intraday pattern has multidirectional movement – in the first half of the day the price decreased, in the second half it increased. Increased volatility in all markets was observed in the evening after the release of data on the US employment market; it was at this time that the low of the day was formed in the BTC/USDT pair.
On Sunday, April 7, Bitcoin (BTC) is trading at $70 thousand, its price has decreased by about 1% over the past week. Our specialist analyzed the market situation and assessed the prospects for the movement of the Bitcoin rate over the next seven days.
In March, nonfarm payrolls (NFP) in the United States increased significantly by 303 thousand, exceeding market forecasts by 200 thousand. January data was adjusted up by 27 thousand to 256 thousand, while February numbers were adjusted down by 5 thousand to 270 thousand. These changes together increased the total number of employed in January and February by 22 thousand people. The unemployment rate dropped to 3.8% and labor force participation improved to 62.7%. Annual wage inflation was 4.1%, in line with forecasts. The US labor market report has attracted the attention of traders, and this data will influence investment decisions, especially in light of expectations for changes in Fed rates and the dollar. Traders are analyzing NFP data to confirm the Fed’s expected rate cut. Expert forecasts indicate the possibility of maintaining the unemployment rate and changes in the rate of wage growth. The US dollar rose sharply after the data, but gave up all its gains by the end of the day.
The BTC/USDT pair recovered to $68,566, after which the market entered a consolidation phase. Buyers did not allow the price to fall much at the beginning of the week. According to the cycles, the local phase of decline should end on April 8. From Tuesday, buyers will have a free hand until May 6. According to BitRiver, they first need to consolidate above $69,600 and then pass the $70,660 resistance, which, in my opinion, is key. Its breakout could trigger a new rally and update the recent all-time high of $73,777 before the halving.
Thus, during the week from April 1 to April 7, Bitcoin traded in the range of $64,500 – $71,400. The technical picture remains favorable for buyers. The risk of the “double top” pattern and the possibility of a fall to $60 thousand has noticeably decreased. At the same time, expectations of halving and increased demand from institutional investors create favorable conditions for growth in the near term. In this situation, a good alternative to simply storing cryptocurrency or investing in dubious financial projects is to invest in a real, growing sector of the economy – the Advanced Waste Recycling (ARRT Token) project. The project itself is still at the stage of the initial sale of tokens to finance further work on promoting real products for a real and fast-growing sector of the economy – recycling waste and obtaining useful products from them. You still have the opportunity to become an investor in the project. Details about the project are on our website https://arrt.pro.
