Friday, May 17, 2024
HomeInvestment4 alarming charts for Bitcoin bulls as $27K becomes formidable hurdle By...

4 alarming charts for Bitcoin bulls as $27K becomes formidable hurdle By Cointelegraph


© Reuters

(BTC) has rallied nearly 60% to around $27,000 in 2023 amid anticipations that the Federal Reserve would pause its quantitative tightening amid the U.S. banking crisis. Still, BTC price has failed to move beyond $30,000 decisively.

Buying exhaustion at this key psychological level led to a price correction toward $25,000 over the past week. Interestingly, the decline has strengthened Bitcoin’s correlation with several traditional financial metrics.

DXY weekly price chart. Source: TradingView
weekly price chart. Source: TradingView
U.S. M2 monthly supply chart. Source: TradingView
weekly price chart. Source: TradingView