Prices below $40k were gobbled up quickly today. A failed close above $42k could see BTC drop to $37750. A close above $42k could however be an early sign that the bottom may be in.
Technically, on the daily timeframe we are sitting in the oversold range on the RSI but there may be a death-cross looming if BTC drops below the red range.
Fundamentally, fresh inflation numbers from the US will be released on Wednesday (CPI, not the Fed's preferred PCI), will be interesting to see how the market reacts.
BTC and the US 10 year treasury yield has recently had a strong positive correlation but the correlation seemed to have weakened since the end of December. Hopefully the positive correlation strengthens which will allow BTC to make a bounce.
Technically, on the daily timeframe we are sitting in the oversold range on the RSI but there may be a death-cross looming if BTC drops below the red range.
Fundamentally, fresh inflation numbers from the US will be released on Wednesday (CPI, not the Fed's preferred PCI), will be interesting to see how the market reacts.
BTC and the US 10 year treasury yield has recently had a strong positive correlation but the correlation seemed to have weakened since the end of December. Hopefully the positive correlation strengthens which will allow BTC to make a bounce.