Bitcoin treads water at $43.5k as interest rate concerns weigh heavily on global asset prices
Global financial markets continued to face an uphill battle on April 7 following recent hawkish comments from the United States Federal Reserve hinting at a rapid rise in interest rates as one course of action to help curb rampant inflation.
Data from Cointelegraph Markets Pro and TradingView shows that the price of Bitcoin (BTC) hit an overnight low of $42,744 following the Fed remarks and has since entered a consolidation pattern near support at $43,500.
Here’s a look at what several analysts in the market are saying about the outlook for Bitcoin at this level and which support and resistance zones to keep an eye on moving forward.
Insight into what comes next for Bitcoin based on its previous performance in this zone was touched on by market analyst and pseudonymous Twitter user ‘Rekt Captial’, who posted the following chart highlighting the significance of the $43,100 support level.
Rekt Capital said,
The correlation between price movements for Bitcoin and the NASDAQ was highlighted in the following chart posted by filbfilb, co-founder of trading suite DecenTrader, who noted that “Since 2019, multiple selloffs at all-time highs on the NASDAQ have resulted in sharp selloffs which saw BTC also correct at the same time.”
Filbfilb said,
Further evidence to support a possible impending breakout for BTC was provided by crypto analyst and pseudonymous Twitter user ‘TAnalyst’, who posted the following chart looking at the price action for BTC when a bounce on the price oscillator occurs.
TAnalyst said,
Related: Bitcoin sentiment falls into 'fear' as BTC price action hits $42.9K breakdown target
The loss of support at $44,700 was “expected after losing that recent low” according to crypto trader and Cointelegraph contributor
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