2nd biggest US bank failure — 5 things to know in Bitcoin this week
Bitcoin (BTC) starts a new week digesting major macroeconomic news as the United States sees the second-largest bank failure in its history.
After a sideways weekend, BTC/USD was already volatile into the new weekly and monthly candle as the downside kicked in.
After steadying below $29,000, BTC price action is already facing more potential pressure, with First Republic Bank being placed in public receivership and taken over by JPMorgan Chase.
The move, announced during Asia trading but before the Wall Street open, precedes an already heavy week in which the Federal Reserve will reveal its next interest rate shift.
With much to take in, the potential for continued surprises in crypto markets is clearly evident.
Cointelegraph looks at these risks and more in the weekly rundown of crypto — specifically Bitcoin — price triggers.
Classic flash volatility accompanied Bitcoin’s segue into a new weekly and monthly candle after April finished sideways.
After closing out the month at $29,300, BTC/USD swiftly dived lower as bid liquidity was pulled from the Binance order book.
This, monitoring resource Material Indicators noted, was responsible for delivering the overnight local lows of $28,289 on Bitstamp, as tracked by data from Cointelegraph Markets Pro and TradingView.
#FireCharts 2.0 (beta) shows that when $29,150 was getting filled the bid ladder below was pulled and moved lower. #BTC price action sliced through the freshly open hole of illiquidity like a hot knife through butter. Seeing these moves play out in near realtime is a great way… pic.twitter.com/CnvRLRNcwc
Bitcoin thus reached “bounce” targets for some, including Michaël van de Poppe, founder and CEO of trading firm Eight, who noted potential strength on altcoin markets
Read more on cointelegraph.com
