Trader warns'something is awry with BTC' as it drops below $44K for the first time in April

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Warnings have been sent for bulls as $44,000 support looms large.

Continued to fall: Bitcoin (BTC) hit $44,000 for the first time since the start of April when Wall Street opened on Wednesday.

BTC's price fell to two-week lows.

Bitstamp's BTC/USD rate hit a 12-day low of $43,801, down more than 7% from the month's high. Data from Cointelegraph Markets Pro and TradingView showed that.

Move: Analysts were looking at macro factors instead of new buy-ins from MicroStrategy and Terra for the next BTC price boost.

Portfolio manager Jeroen Blokland at Robeco said that the U.S. 10-year treasury yield, which has been going up all year, should turn around and give risk assets a break.

"We aren't there yet," he said, but he warned that day.

US 10y yields jump to 2.56% thx largely to Brainard’s hawkish remarks, which raised fears ahead of FOMC minutes on Wed. pic.twitter.com/SpvFPKeFIB
— Holger Zschaepitz (@Schuldensuehner) April 6, 2022

The U.S. Federal Reserve has said that May should be the start of "aggressive" balance sheet reduction, which means that "easy money" policy is over. This could be a countermove.

Future Fed vice chair Lael Brainard said this week that it's very important to get inflation down. Brainard was quoted by the Financial Times and other media outlets.

“Accordingly, the committee will continue tightening monetary policy methodically through a series of interest rate increases and by starting to reduce the balance sheet at a rapid pace as soon as our May meeting.”

Inflation continued to hurt people's feelings outside of the United States, with eurozone annual producer prices rising by the most on record in February. This was more than 31%. Coming before the Russia–Ukraine war, it's possible to see even more high readouts in the future, though

The current spot price zone is very important to keep.

A bad situation meant that price watchers were willing to give the spot a break and say that $44,000 was a good place to start.

#BTC Daily

+ EMAs stacked in the same order
+ Price testing the 200 at the 0.618 retracement

All while trying to exit a 2-month long accumulation zone.

Hold this 44-45K area and we're probably continuing up the mid-50s. pic.twitter.com/buzl4vvFms
— TechDev (@TechDev_52) April 6, 2022

If you want to avoid a dive that could send the market down to $37,000, a private fund manager and CryptoQuant contributor named Gaah said that $44,400 was the level to defend. This would keep the market from going down.

Crypto Ed, a trader, said, "Something isn't right, and the coming days will show what's going on."

In his most recent YouTube video, he said that if he didn't hold $45,000, that would open up the low $43,000s.

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