Bitcoin is facing a new challenge of potential volatility
Bitcoin will face a new round of potential volatility catalysts next week after BTC price dropped 10% below its target.
After a week where BTC/USD fell 10%, traders are approaching key support figures at $25,000.
Consensus regarding the market’s health is not uniform, as some believe the next signs of progress are on the horizon.
As markets prepare for a new round of key results and move from the US Federal Reserve, Bitcoin will potentially not be at the same level for much longer.
Cointelegraph observes future scenarios that could cause BTC/USD to exit the short-term sideways trading model.
There may be a few macroeconomic catalysts this week.
From April 27, new reports will be released from the US, which could add volatility to currently weak risk assets.
Bitcoin remains correlated with US stocks through the end of the month, and fears beyond the crypto focus on the indices’ inability to make new highs.
Optimism among some participants in the Bitcoin market is focused on the lower indicators of the range to continue the current rates.
Bitcoin is still trading sideways, which means it may hit lows again.
Ethereum
Ethereum was also in the red, with bears reaching $1,800.
ETH/USD retreated to a daily low of $1,807.75 on Tuesday, following a high of $1,874.12 the previous day.
Tuesday’s pullback came after Ethereum fell below its recent support at $1,832.
The latest decline occurred after the RSI indicator hit the 48.00 level.
Price strength is now at 43.67, with support at 42.00.
Tether is a stablecoin, unlike other digital currencies, supported by major fiat currencies like the US dollar and the euro.
This attribute of Tether renders it an appealing investment choice for those cautious of the highly fluctuating nature of other cryptocurrencies. In 2023, the supply of cryptocurrency went up from 66 billion Tether in January to 80.93 billion, an increase of 22% more than the original amount.
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