Elon Musk Failed to Back Bitcoin

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on April 25 Bitcoin (BTC) It rose about 5.5% after Tesla CEO Elon Musk announced the purchase of Twitter. Since 2021, musk has become something special Cryptocurrency market engine With his tweets on Dogecoin and Bitcoin. However, in the macroscopic context, the effect of musk wears off and is short-lived. Bitcoin and the entire cryptocurrency market are still at risk of a downturn.

BTC price drops as the Fed becomes increasingly aggressive

Federal Reserve Chairman Jerome Powell He discusses the possibility of a 50 basis point rate hike at the Federal Reserve’s meeting in May. Given this policy, the factors that have fueled the stellar earnings of cryptocurrencies over the past two years turn out to be Huge bearish factors for the cryptocurrency market. The next FOMC session will be held from May 3-4, and Bitcoin will face further declines if the Fed moves quickly to tame inflation by increasing 50 basis points.

The escalation of the confrontation between the European Union and Russia is affecting the global economic outlook

On April 27, Russia cut off natural gas supplies to Poland and Bulgaria, who opposed Payment of gas purchases in rublesSignificantly escalated its response to Western sanctions imposed on Moscow due to the war in Ukraine. Since the outbreak of the Russian-Ukrainian conflict, in addition to the suffering and the humanitarian crisis, the entire global economy is facing dangers slowing growth e faster inflation.

Now that Russia has responded to the escalation of Western sanctions, we can predict a long battle between Russia and the West, with an even greater impact on the global economy. Investors will avoid risky assets such as Bitcoin.

Technical Analysis

On the weekly chartBTC is trading below the middle line of the Bollinger Band and this band is moving slightly to the downside. But BTC price is receiving support from the trend line formed in 2021. However, MACD and RSI are showing a bearish bias, which indicates that BTC may still be at risk of a downside. If BTC drops below $38,000, The next target would be $35,000.

BTC trading
BTC weekly chart

How to cover losses in BTC drop and make bigger gains

From the above analysis, we can reasonably assume that a broad bearish correction is on the way. Smart traders will cover losses in spot trading by trading Bitcoin perpetual contracts with 100x leverage. The BTC perpetual contract is a popular tool that allows traders to take advantage of market volatility.

If you want to open a short position of 100 BTC when the price of BTC is $39,000, Just use 1 BTC as margin. When BTC drops to $35,000, you will earn ($39,000 – $35,000) * 100 bitcoins / $35,000 = 11.4 bitcoins. With just 1 BTC investment, you will have the opportunity to make up to 1100% ROI.

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* This item has been paid for. The cryptologist did not write the article and did not test the platform.

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