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- Bitcoin’s price dips, and trading volume rises but struggles to surpass $64k.
- Federal Reserve is likely to maintain interest rates amid changing monetary policy.
Bitcoin experienced a downward trend, hitting a 10-day low of $62,230.51, with trading volume increasing by 10% to $19 billion. Over the past week, it faced a 6% decrease in price, struggling to surpass the $64,000 mark. This lackluster performance coincided with a slight drop in Social Volume, indicating waning interest in BTC within the crypto community.
While such fluctuations are typical during periods of price exploration, analysts advise heightened vigilance. Research data reveals the mounting selling pressure as BTC‘s exchange reserves rose, accompanied by a surge in net deposits compared to the previous week’s average. Conversely, recent findings from Santiment suggest a rapid increase in the total number of non-empty Bitcoin wallets despite the volatile prices.
BTC Price Chart, Source: TradingView
Notably, it has been nine days since the Bitcoin halving. Adding to market uncertainties, the daily Relative Strength Index (RSI) currently stands at 41, signaling a cautious sentiment among traders.
Meanwhile, investors are awaiting the Federal Reserve’s decision on interest rates scheduled for May 1. While most forecasts anticipate the Fed to maintain current rates, recent U.S. rate cuts hint at a potential shift towards a less accommodative monetary policy.
In summary, Bitcoin faces selling pressure amidst fluctuating prices and increased trading activity. With the recent halving and anticipation surrounding the Fed‘s decision, the cryptocurrency market remains on edge, with investors closely monitoring developments for clues about future trends.
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