Bitcoin: BTC Bounces Around $40K As Stocks Waver

Bitcoin (BTC) continued to trade around $40,000 on Monday after flat performance over the past week.

iexclusivenews reports that It appears that buyers are starting to return, which typically occurs during the second half of the month. A pattern observed by some analysts this year.

Meanwhile, historical evidence indicates that stocks and cryptos are about to enter a seasonally good period in April and May. This could lead to price increases in the short run.

However, there are geopolitical and regulatory dangers. For example, violence between Russia and Ukraine escalated over the weekend.

Causing concern among some investors. New evidence of money laundering and hacking in crypto exchanges may cause concern among policymakers throughout the world.

This online news outlet understands that certain other cryptos outpaced bitcoin on Monday. Showing that traders had a higher appetite for risk.

Over the last 24 hours, Terra’s LUNA token and Monero’s XMR token have risen by 8% and 2%, respectively, compared to a 2% growth in BTC.

iexclusivenews Nigeria reports that stocks fluctuated on Monday, but traditional safe-haven assets like gold and the US dollar climbed.

This implies that, despite short-term price increases in risky assets, global investors are still wary.

Cryptocurrency Latest prices

●Bitcoin (BTC): $40755, +0.66% 

●Ether (ETH): $3010, −1.67%

●S&P 500 daily close: $4392, −0.02%

●Gold: $1982 per troy ounce, +0.57%

●Ten-year Treasury yield daily close: 2.86%

Bitcoin, ether and gold prices are taken at approximately 4pm New York time. Bitcoin is the CoinDesk Bitcoin Price Index (XBX); Ether is the CoinDesk Ether Price Index (ETX); Gold is the COMEX spot price. Information about CoinDesk Indices can be found at coindesk.com/indices.

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Bitcoin remains neutral. Despite an increase in volume, 

Bitcoin’s price bounce over the past 24 hours coincided with a small uptick in trading volume, according to reports monitored on CoinDesk data.

On Monday, however, buy and sell volume were equal, indicating that buyers and sellers were undecided. To maintain the recovery phase, traders will need to keep BTC over $40,000 with higher-than-average volume.

Technical indicators have been neutral thus far. On the charts, Katie Stockton, managing director of Fairlead Strategies, noted a false breakout in BTC, implying that resistance at $48,000 could stymie a price rally.

Bitcoin trading volume (CoinDesk, CryptoQuant)

“Long-term momentum has weakened notably, so a confirmed breakdown would increase risk, noting secondary support is near $27,200 BTC in our work,” Stockton wrote in a Monday report.

(iexclusivenews/CoinDesk)