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BITCOIN RECOVERED TO AROUND $30,000 AFTER THE WEEKEND BLOW

BITCOIN RECOVERED TO AROUND $30,000 AFTER THE WEEKEND BLOW

The largest cryptocurrency rose about 1.8% to $ 30,450 Monday morning in Asia. That is after falling for seven consecutive weeks, the longest cycle since August 2011, according to data compiled by Bloomberg. That is similar to the seven-week decline in the S&P 500.


"If the S&P falls further, that should create the ultimate flexibility and better opportunity to buy Bitcoin," said Fundstrat Global technology strategist Mark Newton. "There are a lot of weaknesses, and we have to get closer to a time when you really want to get into that in the next few months."


Bitcoin has struggled in recent weeks as the Federal Reserve raises interest rates and inflation remains high, increasing the chances of further inflation. Although the token has been raised in the past as an anti-inflation hedge, it has been shown in recent months that it is more closely associated with dangerous assets like companies in the Nasdaq 100, which have collapsed during the coup.


"Bitcoin is likely to go from about $ 29,000 to $ 31,000 in the next few weeks," said Noelle Acheson and Konrad Laesser of Genesis Global Trading in a book on Friday. They added that other economic data releases, such as US domestic commodity prices or inflation patterns, "could change the narrative."


Rick Bensignor, president of Bensignor Investment Strategies and former strategist Morgan Stanley, uses DeMark's technical indicators - which compare the most recent prices with the lowest value and the same amount of previous time to measure demand - to argue that Bitcoin will probably not go down much. anytime soon.


"I'm still waiting for another four weeks of hardship," he said in a letter on Monday. May 12 is down by about $ 25,425 and the jump from that last support is $ 28,900, he said.

Source: yahoo 



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