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Crypto currency market price movements make news flow meaningful, and these days the prices are not very supportive. The days have been frustrating for investors since March 20. Investors accustomed to rapidly rising prices in the first quarter are struggling to make sense of the ongoing negative markets. Is this normal?
Why Aren’t Cryptocurrencies Rising?
Historically, we see cryptocurrencies reach new highs within 6-12 months of a halving event. The current weakness in the crypto markets is also consistent with historical data. The unusually good market conditions in the first quarter, although disappointing for investors today, are not typical in any market. If it were, everyone in the world wanting to make money would simply need to buy Bitcoin and altcoins.
On the other hand, there was very good news today. In the United States, unemployment claims reached the highest level in nine months at 231,000, against an expectation of 212,000. The Fed Chairman had previously stated that if there is a significant easing on the employment front, they could be more aggressive about interest rate cuts.
Despite positive wage increase and unemployment rate data from the previous week, the negative inflation data balances the good news. The decline in inflation has stalled, and the risk of the Fed making fewer cuts than the targeted 75bp rate cut this month is becoming increasingly apparent.
What Will Happen to Cryptocurrencies?
Popular crypto currency analyst Daan Crypto Trades shared some details about the current outlook. We frequently share market comments from different analysts, which allows us to view the current situation from different perspectives. Some details are only visible when you change your viewpoint.
“Some big buyers have emerged in the $59-60 thousand range. Bids are increasing. This also makes sense as a price level because it is a low range. We have not yet seen if the price is seeking liquidity below. Remember, these orders can be removed at any moment.”
It’s encouraging that there are movers at lower levels maintaining support and hopeful for a price increase. As this article was being prepared, the BTC price was at $62,400, with a daily low of $60,630.
