The price of Bitcoin continues to face sales pressure. BTC, which decreased by 2 percent in the last 24 hours and falls to 81,500 dollars, causes controversy as to whether it will go below $ 80,000, a critical threshold. In particular, the correlation between Nasdaq and S&P 500 indices and Bitcoin raises the possibility of creating a “Death Cross ında in the coming weeks. This technical model may indicate a possible downward trend.
The connection between the stock market and Bitcoin is strengthening
Bitcoin has been closely related to the US stock markets in recent years. Between Wednesday and Friday last week, the S&P 500 index lost $ 2 trillion to investors. Following the closing of the market on Friday, the S&P 500 -term transactions were lost in minutes of 120 billion dollars. In the same period, Bitcoin was not successful in exceeding the level of $ 90,000 and faced resistance at $ 89,000.
Analysts point out that the former US President Donald Trump’s implementation of additional customs tariffs against Russia also creates a separate risk factor for Bitcoin. Markets, economic uncertainties in China and Europe can also put pressure on the price of BTC, he says.
Bitcoin price and “Death Cross” scenario
On the technical analysis front, an important signal arises. According to Barchart data, Bitcoin, Nasdaq and S&P 500 are on the verge of creating a “Death Cross”. This technique, which is generally considered as a decrease signal, is expected to create uncertainty on markets. Historically, it is stated that the price decreases reached the bottom levels after the formation of “Death cross”, but the volatility may increase.
Sales and liquidity concerns of Bitcoin miners
Crypto analyst Ali Martinez said that miners were selling 2,400 BTCs last week. This sales corresponds to approximately 220 million dollars, it is stated that it can put pressure on the market. On the other hand, discussions on the relationship between global M2 money supply and Bitcoin price continue. According to Martinez, a decrease of approximately $ 1 trillion in the global money supply in the last two weeks, which shows that a liquidity -supported rally is not realistic for now.
The fact that US core PCE data came above expectations brought about the comments that inflationary pressures may continue in the market. Analysts say that this development may mean that the Fed will continue to keep the monetary policy tight and can create an extra element of pressure for Bitcoin.
According to current data, the price of Bitcoin is at the level of $ 81,664 at the moment. While the daily transaction volume was at the level of 17.2 billion dollars, a 2.7 percent decrease in open positions of BTC -term transactions was observed and the total volume fell below $ 53 billion. According to Coings data, a total of $ 64 million in the last 24 hours has been liquidated, while $ 54 million came from long positions.
