Bitcoin finds support but progress is still needed.


Bitcoin and other cryptocurrencies showed mixed performance on Thursday, with ongoing outflows from Bitcoin ETFs causing a drop in Bitcoin's price to $64,851, before the cryptocurrency found its feet. Despite mid-March highs near $74,000, bearish sentiment currently dominates the crypto market, influenced by high bond yields and diminished expectations for Federal Reserve rate cuts.

Ether rose 0.68% to $3,583, supported by SEC rule changes allowing spot Ether ETFs, with final approvals expected this summer. Smaller cryptocurrencies like Solana, Cardano, and Dogecoin saw declines of 3.8%, 1.3%, and 1.2%, respectively.

Technically, Bitcoin seems to have found support near the $64,000 level. However, more progress will need to be made with trend-following and momentum indicators showing more constructive patterns. I.e. the EMAs need to cross positively, and the RSI needs to move to the positive side of 50.


Russell Shor

Senior Market Specialist

Russell Shor joined FXCM in October 2017 as a Senior Market Specialist. He is a certified FMVA® and has an Honours Degree in Economics from the University of South Africa. Russell is a full member of the Society of Technical Analysts in the United Kingdom. With over 20 years of financial markets experience, his analysis is of a high standard and quality.

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