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Bitcoin Holders Hold Tight On BTC As $40k Is The New Level Of Resistance 

Bitcoin stays below $40,000 for the third successive day and the most likely source is the unpredictability and the deteriorating condition of traditional markets. In contrast, the S&P 500 slipped down to 5% since April, WTI crude price went down to 9.5% in seven days which erased all the profits made since March 1st.

In the meantime, China has been combating and struggling to contain its worst outbreak of the Covid 19 in spite of inflexible lockdowns in Shanghai. Timothy Moe, Chief Asia-Pacific equity strategist at Goldman Sachs stated that “it’s no surprise, and it makes all sorts of logical sense that the market should be concerned about the Covid situation because that clearly is impacting economic activity.”

As the global macroeconomic structure declined, investors took gains on more dangerous assets, which influenced the U.S Dollar Index (DXY) to reach its peak level in 25 months at 101.8.

RELATED: Bitcoin holders reached a new all-time high despite the bear market

The cryptocurrency mining business was also confronted with uncertainties about the regulations after the United States House of Representatives Member, Jared Huffman including 22 other Lawmakers made a request that the Environmental Protection Agency evaluate if crypto mining firms had potentials in violating environmental statutes on April 21.

In spite of Bitcoin’s 4-day price 10% correction to $38,200 on April 25, most people that hold bitcoin have chosen to remain apathetic. This was confirmed by on-chain data obtained from Glassnode. The estimated amount of the supply dormant for 12 months was put at 64%.

About Godwin

Godwin is a multi-faceted writer. He covers the latest and most significant news in the crypto industry for Newsbsc. Aside from his work here, he writes exceptional SEO optimized web contents for other websites in different sectors.

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