After yesterday's article on Bitcoin predictions that forecasted a correction this week, the crypto market is indeed showing signs of decline. But is this correction already underway? Let's analyze the current market conditions and prospects for BTC.
Current Market Conditions :
The market is trending red due to the lack of significant economic data from the US and anticipation of the impact of liquidity injections from the People's Bank of China (PBOC) on the M1 monetary aggregate. However, the market is also showing signs of sideways movement, with hopes of a decline in the US dollar index (DXY), although no strong positive sentiment has emerged yet.
Factors Influencing the Market
- Liquidity injections from the PBOC take time to impact the M1 monetary aggregate.
- The market is waiting for buybacks and statements from Trump that could influence the market.
- Large capital outflows from the US and significant capital inflows into China are creating uncertainty.
Future Prospects
- The market is currently in a wait-and-see phase, which could trigger speculation on altcoins and drive up their prices.
- The current Bitcoin price correction is normal to reduce the high RSI after a 3-week rally.
- Predictions suggest Bitcoin prices will rise on May 1-2 as the RMB weakens below $100 billion.
Conclusion:
In this situation, investors need to be patient and wait for strong positive sentiment to trigger a rise in crypto prices.
