After falling down to a price of $45,000 on the 31st of March, Bitcoin went on to surprise its investors with a quicker-than-expected recovery to a $46,000 price. According to data received from TradingView and Cointelegraph Markets Pro, it has been understood that bears have able to manage to drop BTC to a low of $44,210 after which the market’s bulls came up in hordes to lift the price above the score of $46,500 by midday. Yet, this development hasn’t stopped analysts from debating the short-term outlook for cryptocurrency as it moves forward.
Bitcoin Has Managed To Recover Its Price
It goes without saying that the events taking place in the financial market globally have continued to impact the markets of Bitcoin and other cryptocurrencies. It is also pretty likely that they would be continuing to do so in the nearby future. According to Bilal Hafeez, the CEO of Macro Hive, macro has been dominating BTC currently- something that has been evidenced by the last couple of days of equity weakness that has also led to the decline of the cryptocurrency.
Hafeez also went on to point to higher rates of interest in the United States, with a more hawkish Fed and weakness prevalent in the markets of China. He believes that the reasons for the current volatility in the markets equities have been the Feds as well as the Chinese markets. Although the macro events have been weighing constantly on the financial markets, Macro Hive has noted that there aren’t signs of hope in the metrics which are specific to Bitcoin.
Nonetheless, the pullback in the price of Bitcoin over the last 24-hours has been somewhat expected, according to David Lifchitz, the chief investment officer and managing partner at ExoAlpha.