The subtle changes that Bitcoin, Ethereum, XRP and Dogecoin have been experiencing recently, hints that the crypto market is facing another crash. Bitcoin has decreased in value to $83,000 from a daily high of $84,400 while major altcoins have also decreased considerably.
Such a sell off was anticipated after the release of the US ISM manufacturing PMI and JOLTS job openings, which were considerably inferior to what specialists had expected.
On the other hand, the JOLTS data also did not meet expectations as available jobs dropped down to 7.568 million in comparison to January’s 7.762 million. Such data is surely far from positive, and alongside with all the sentiments indicates a degree of bearish sentiment alongside the market.
The mix of geopolitical and economic strife is indeed worrying. There is talk that China, South Korea and Japan are looking to fight back against Trumps proposed tariffs which could potentially lead to a full on trade war. He is likely to introduce a new set of covering tariffs shortly, which will negatively influence the financial market.
While the Fed intends to decrease its balance sheet contraction beginning April 1, economic worries alongside tariff issues have overshadowed this development.
Has the Bull Run Concluded?
Even though the market is correcting, a few analysts feel that the crypto bull market is still on. Titan of Crypto mentioned that Bitcoin’s close monthly candle above the 38.2% Fibonacci retracement level is suggestive that optimism is also a reality.
People like Kevin Capital, argue that BTC is just in a period of correction and will reverse and start increasing in a matter of time.
At the same time, institutional players are still buying Bitcoin. Michael Saylor’s MicroStrategy previously purchased 22,048 BTC for $1.92 billion which increases confidence in the value of cryptocurrency over the long term.
Even though short term price swings will create an understanding of volatility, every watcher of the market is looking towards April’s happenings as a note for marking the next major adjustment in the cryptocurrency world.
