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Bitcoin's Recovery Stalls; Lower Support Around $52K
Bitcoin buyers are losing strength as the recovery from the April 17 sell-off stalls.
Updated Mar 6, 2023, 3:33 p.m. Published Apr 21, 2021, 11:23 a.m.
Bitcoin (BTC) has traded in a tight range over the past few days, which suggests buyers are losing strength. The recovery from the April 17 sell-off appears weak with a cluster of resistance levels from $56,000-$59,000. The cryptocurrency was trading around $55,000 at press time.
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- BTC has broken its uptrend since March on the four-hour chart and failed to reverse a series of lower price highs since April 1.
- Support is seen around the April 17 sell-off low just below $52,000.
- The relative strength index (RSI) on the four-hour chart registered an oversold reading during the weekend sell-off and is now neutral.
- BTC is back in a consolidation phase that began around February. Since then, price rallies have been limited around the $60,000 resistance zone with frequent drawdowns of roughly 15%-20%.
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Japan’s Higher Rates Puts Bitcoin in the Crosshairs of a Yen Carry Unwind
A stronger yen typically coincides with de-risking across macro portfolios, and that dynamic could tighten liquidity conditions that recently helped bitcoin rebound from November’s lows.
What to know:
- The Bank of Japan is expected to raise interest rates to 0.75% at its December meeting, the highest since 1995, affecting global markets including cryptocurrencies.
- A stronger yen could lead to de-risking in macro portfolios, impacting liquidity conditions that have supported bitcoin's recent recovery.
- Governor Kazuo Ueda indicated a high probability of a rate hike, with officials prepared for further tightening if their economic outlook supports it.
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