Urgent Update: Bitcoin and Ethereum Breaking Vital Support!

Author

10x Research
April 02, 2024

Can the crypto market outlook change with one (intra-day) decline?

👇1-12) It can—when critical levels are broken, and the market fails to reclaim those price levels. This might be the case now. We are not changing our view; as mentioned several times, Bitcoin’s 68,330 level is critical. You can not force the returns in trading, but you must be there when the market moves in either direction.

👇2-12) Some growth and inflation data were also stronger, which could lead to a repricing of interest rate cut expectations. Crypto might be quicker than other asset classes to recognize with this.

👇3-12) Two weeks ago, we had mixed signals from the Bitcoin ETF flows, and new inflows were near nonexistent above 70,000. Futures traders tried to front-run the Monday ETF buying. This funding rate was very high again, and stops were likely set tight. Bitcoin ETF flows were weak again on Monday; a retest of previous levels is not out of the question.

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