Bitcoin prices fell to $38,584 on Monday, marking their lowest level since March 15; After that, it recovered and did not break the uptrend. Bitcoin prices, which have been rising steadily for 5 days, are holding their course above the $42,000 level on today’s transactions. Cryptocurrency expert Beste Naz Süllü said that cryptocurrency investors are now waiting for a rally depending on last year’s movements; “With the money flow being managed by news support and miners in the current market conditions, we can say that its strength is sufficient to sustain above $40,000 and sustain hopes of $50,000,” he assessed.
BITCOIN INVESTORS WATCH THESE DEVELOPMENTS
The US Federal Reserve (Fed) tightening policy is putting pressure on the cryptocurrency market. The Federal Open Market Committee (FOMC), which sets the Fed’s monetary policy, will meet on May 3rd and 4th. It is to be expected that the interest rate decision and the reports to be announced here will also have an impact on the cryptocurrency markets. Recently, St. Louis Fed President James B. Bullard said the Fed could hike rates by 75 basis points if necessary, and markets began to price in more aggressive tightening.
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On the other hand, the surge in cryptocurrencies is being helped by the rise in global inflation risk and rising tensions over the Russia-Ukraine war, and some investors see cryptocurrencies as a safe haven.
LATEST SITUATION IN BITCOIN AND ETHEREUM
Bitcoin (BTC) prices, the most popular cryptocurrency, recorded the high of $42,959 and the low of $41,265 while trading at $42,686 down 2.98 percent as of 4:50 p.m. . . While bitcoin is up over 4 percent in the last 7-day transactions; The market cap was $813 billion.
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Ethereum (ETH), the second largest cryptocurrency with the highest trading volume, is currently trading at $3,159, up 2.43% from yesterday’s close. While ETH sees 3,000-$64 lowest level and 3,000-$178 highest during the day; It is up almost 2% in the last 7 days.
Globally, the market value of cryptocurrencies has increased by about 0.59 percent to $1.97 trillion in the last 24 hours.
THE MARKET WILL NOT RECOVER NOW, IT CAN BE CALLED TO RISE
Best Naz Süllü – Cryptocurrency Expert
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While cryptocurrency investors are now awaiting a rally based on last year’s moves, we can say that the current state of the market is enough to sustain its strength above $40,000 and sustain hopes of $50,000 if the current The state of the market is managed by cash flow, news support and miners.
Alongside this short-term view, however, both the Ripple – SEC (US Securities and Exchange Commission) lawsuit, which is expected to be completed later this year, and the SEC’s ability to allow spot Bitcoin ETFs are raising investor expectations.
In addition, interest from private companies, especially payment giants, could bring a new movement to cryptocurrencies. Furthermore, we can say that it is a positive breakthrough that projects have recently increased their funding.
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In short-term expectations, if Bitcoin surpasses $42,000, we can expect an attack to $44,600 and then to $48,000 where its 200-day moving average happens. From this point of view we can summarize that the market is currently not in a rally but in an uptrend.
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