Bitcoin keeps falling as former BitMEX CEO gives $30K BTC price target for June
Bitcoin (BTC) saw a predictable fall into the Wall Street open on April 11 as bears took the market toward $40,000.
Data from Cointelegraph Markets Pro and TradingView showed last week’s downtrend gathering pace Monday after a disappointing weekly close.
The calm weekend thus gave way to volatility as the new week began, this being led by equities losing ground worldwide.
In Asia, the Hang Seng closed down 3% on the day in Hong Kong, while the Shanghai Composite Index finished 2.6% lower. Germany’s DAX traded 0.77% in the red at the time of writing, mimicking the FTSE 100 in London.
With Wall Street just starting out, attention focused on the strength of the United States dollar, as evidenced by a repeat surge of the U.S. dollar currency index (DXY) over the 100 mark Monday.
“Looking a little overextended here, not that it’s noticeable in risk assets just yet,” Twitter commentator B C Richfield argued, showing a potential pullback target range.
With Bitcoin firmly tipped to follow equities as they struggle through central bank policy tightening, the mood was subdued as BTC/USD fought for $41,000 support.
Rejection it is for #Bitcoin. Let’s try to find support in the green zone. https://t.co/qNKK1Tu7eC
Meanwhile, Tuesday’s Consumer Price Index (CPI) readout for March was tipped to lay bare the reality of inflationary pressures since the Russia–Ukraine war began in Europe late February.
The conflict and its impact on supply chains, notably food, had not yet figured in CPI data, which was nonetheless already at 40-year highs.
Crypto veterans, however, increasingly held a different view. Rather than raising rates and reversing asset purchases to deal with inflation, central banks would in fact have no choice but to continue their
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