btcusd Forex Signal: Bitcoin Seems to be Bottoming bitcoinprice forexsignal
The BTC/USD pair was trading at 27,500, where it has been in the past few days. This price was ~10% below the highest point this month. Other cryptocurrencies like Ethereum and Ripple also remained under pressure.The BTC/USD pair moved sideways as a somber mood engulfed the financial market after the relatively weak financial results. First Republic, UPS, and Verizon published weak results, signaling that the economy was slowing.
First Republic’s stock dropped by more than 25%, which explains why Bitcoin continued to consolidate even as equities fell. The Dow Jones, Nasdaq 100, and S&P 500 indices dropped by more than 0.50%. Bitcoin has emerged as a safe haven during the banking crisis. Meanwhile, new home sales rose by 9.8% in March after falling by 3.9% in the previous month. The house price index rose by 4.0%, which was also better than the estimated 3.9%.
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