Market Wrap

Market Wrap: Bitcoin Declines Into the Weekend, as Volatile Month Continues

The technical charts suggest further downside is likely as sellers react to extreme overbought conditions since March.

Bitcoin is recovering from a volatile shakeout. Options expiry has large open interest around $40K.

Bitcoin gave up some gains on Wednesday, suggesting the short-squeeze rally is fading.

Bitcoin’s near 50% decline from all-time highs surprised analysts as China’s crackdown fueled bearish sentiment.

CME's bitcoin futures goes into "backwardation" and BTC inflows to exchanges rise as China "FUD" continues.

By Muyao ShenJun 21, 2021

Bitcoin’s "death cross" could increase selling pressure into the weekend.

Bitcoin is under pressure as Fed taper concerns linger, although some expect crypto to remain resilient.

The U.S. central bank also increased estimates of coming inflation to 3% from the 2.2% projection in March, largely due to transitory factors.

Some analysts are optimistic while others prefer to see stronger signs of upside momentum before calling a bottom.

Bitcoin tests $40K following positive comments from Tesla's CEO Elon Musk and hedge fund manager Paul Tudor Jones.

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