Bitcoin Trends Downward Amid Unemployment Claims, But What’s Next? Experts Weigh In

Today, the Bitcoin price experienced a minor decrease due to the announcement of unemployment claims. However, the situation is not all doom and gloom. Since late April, the generally declining markets are preparing for June. So, what are cryptocurrency investors expecting for the upcoming period? What are the current market predictions? 

Bitcoin Expert Opinions

Yesterday, U.S. stock markets were positive, but amidst discussions of default risk, the dollar index is strengthening. This has been causing cryptocurrencies to trend negatively for weeks. In the midst of shifting signals in stock exchange order books, popular cryptocurrency commentator Skew appeared hopeful. In his recent market analysis, he said; 

The price swept the preventive low swing, which was enough liquidity to push it higher.

According to the analyst, developments on the macro front are creating resistance for Bitcoin’s price, but the latest news from Tether should be promising. If you recall, last year Terra announced that it would purchase billions of dollars worth of Bitcoin with its reserves, causing significant fluctuations in the market. Tether, on the other hand, plans to buy Bitcoin with up to 15% of its profits. Based on their latest earnings report, this equates to potential monthly purchases of between $50-70 million. 

Will Cryptocurrencies Surge?

Meanwhile, the cumulative volume delta (CVD) is showing increasing momentum, indicating that the king cryptocurrency could continue its latest rally. Material Indicators pointed out that the movement in the Binance order book, and the increase in the volume of the class of the biggest Bitcoin whales, coincided with the price increase. 

However, there are those who think that today’s surge may not last long. One of them is an analyst known by the pseudonym TraderSZ, who believes that the bounce was doomed to fade due to weak demand. 

Credible Crypto expressed a belief that a more noticeable upward turnaround could come within the next month. 

How much time is left for expansion, and are we at the bottom? The 25,000s were tested, the liquidity below us was taken, we might be at the bottom for this correction, but we need to see how PA develops in the coming days.

I expect the blue-dotted trend line on the right to hold, which means less than 30 days to complete this horizontal stage and the beginning of the next move.

According to him, we will see Bitcoin‘s price going significantly stronger upwards in the coming weeks.