Here is a concise summary of the most relevant Bitcoin news from last week, based on the search results, that may have influenced the recent price fluctuations:
Bitcoin falls 8%, drops below $62,000 before rebounding [1]:
Bitcoin experienced a significant 8% drop and briefly fell below the $62,000 level before rebounding.
This pullback could be attributed to profit-taking by traders who had accumulated Bitcoin at lower levels, leading to a temporary sell-off.
Bitcoin's brief drop triggered a cascade of liquidations of speculative positions, leading to a massive sell-off of smaller digital assets like Solana, Cardano, and Polkadot.
This liquidation spiral and market panic contributed to the downward pressure on Bitcoin's price.
Ethena's controversial method for maintaining USDe's peg [1]:
Ethena, an Ethereum project behind the synthetic dollar USDe, has attracted over $2 billion in deposits.
However, concerns arise due to Ethena's controversial method for maintaining USDe's one-dollar peg, which has not been tested under adverse market conditions.
The uncertainty surrounding USDe's stability may have led to a cautious sentiment among investors, potentially impacting Bitcoin's price.
Technical Analysis of Bitcoin (BTC-USD) over the last 48 hours (1-hour intervals)
Key Price Levels
Major Resistance
$70,940.36 (High reached on 04/12/2024 at 12:00)
Secondary Resistance
$70,922.37 (High on 04/12/2024 at 11:00)
Major Support
$61,896.35 (Low reached on 04/13/2024 at 21:00)
Secondary Support
$62,973.95 (Intraday level on 04/13/2024 at 22:00)
Technical Indicators
RSI (41.33): Neutral trend
MACD (-864.82) negative and histogram (150.81) positive: Possible bullish reversal
Observations
Bitcoin traded in a wide range between $70,940 and $61,896 over the last 48 hours.
Range Configuration
Resistance: $70,940
Support: $61,896
A clear breakout could provide a new directional impulse:
Surpassing $70,940: Potential buy signal
Breaking below $61,896: Potential sell signal
Outlook
A return toward $70,940 could represent a short-selling opportunity targeting $61,896.
Conversely, a rebound above $61,896 could trigger buybacks aiming for $70,940.
In summary, after a sustained rally over the past year, Bitcoin is currently in a short-term range configuration between $70,940 and $61,896. The direction of the next trend will depend on the ability of prices to break or hold these recently established key technical levels.
Technical Analysis of Bitcoin (BTC-USD) over the last 48 hours (1-hour intervals)
Key Price Levels
Major Resistance
Secondary Resistance
Major Support
Secondary Support
Technical Indicators
Observations
Range Configuration
Outlook