So, just we suggested earlier, the BTC is choosing a negative scenario. The major cryptocurrency recovered a little bit on Friday and was trading at $40,076, but yesterday it dropped to $39,273. The key reason for that is the US stock indices slump, while the BTC has a strong correlation with them. First of all, the US markets are selling due to a short business week – Good Friday is coming. Secondly, investors responded to another inflation boost after learning about the CPI report for March.
The Consumer Price Index in the US reached 8.5% y/y in March after being 7.9% y/y in February – it’s the highest reading since 1981 and the indicator has a clear potential to go higher. inflation boost may be used by the US Fed as a reason for raising the interest rate ahead of the schedule. It’s bad for both US indices and the BTC.
In addition to that, another earnings season is starting in the US. Forecasts are quite positive but reality may turn out to be bitter.
Technically, the current situation is obviously not in favour of bulls. The asset is moving within a narrow sideways range of $39,800-$40,700, with $39,500 being an intermediate support level. To make things better and get back to more or less positive purchases, the BTC must fix above $42,000.
Bitcoin chart online
ETH: a journey to the top got cancelled
This week, the ETH dropped below $3,000 for the first time since 24 March. Today, it recovered up to $3,035, there are some short-term purchases but the mid-term picture is turning negative. The closest support is the low at $2,955. After re-testing it, the price may move down to $2,888.
Ethereum chart online
Robinhood: new coins are here
The Robinhood platform added such coins as SHIB, SOL, COMP, and MATIC complement existing BTC, ETH, and DOGE. The more access to coins within different exchange systems and platforms investors have, the more opportunities for operations they get. It’s positive news for tokens.