Bulls in Bitcoin (
BTC-USD) are having a bad time of it recently. The cryptocurrency has experienced a notable decline to its lowest level in over two months before partially recovering during afternoon trading today (1st May 2024) following the Federal Reserve's decision to maintain interest rates.
According to CoinMetrics, the cryptocurrency dropped by as much as 7% to $56,526.00, marking its lowest point since February 27th. However, it managed to reduce its losses, trading lower by approximately 3% at $57,622.59.
This intraday movement left the coin very close to our analysis suggesting $55000 could be a nice buy point (see image below).
Generally, Bitcoin has been range-bound recently, with significant market catalysts such as the introduction of U.S. exchange-traded funds and the halving event already in the past. This week witnessed ...
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