BTC Clawed Back To $40K As Liquidations Neared $500 Million

BTC clawed back to $40K as the liquidations neared $500 million and the CPI data is about to shock the markets once again so let’s read more in our latest Bitcoin news.

BTC clawed back to $40K tried to reclaim the $41,000 price range as support after the troubling start to the week which saw the pair hit three-week lows. The data from Tradingview showed the biggest crypto bouncing to ,200 on Bitstamp after falling to ,300.
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Spurred on the bleed-out in the tech stocks, Bitcoin looked quite pale on the short timeframes and those that bet previously on the bullish continuation were left empty-handed. As per the on-chain monitoring resource Coinglass, on the last day, we saw a loss of $428 million in liquidated long positions. According to Blockware analyst William Clemente:

“This rollover in tech is affecting BTC as well. Whether I agree or not, the market appears to be viewing BTC as a high beta play on tech, trading at an increasing correlation over the last month.”

The White House now warning of "extraordinarily elevated" inflation data.

This upcoming March CPI print is likely going to extremely ugly.

— Dylan LeClair 🟠 (@DylanLeClair_) April 11, 2022

The comments echoed the prediction of the former BitMEX CEO Arthur Hayes who predicted that the BTC/USD pair will dip below $30,000 due to macro elements. The Consumer Price Index also tendered to induce short-term volatility in the markets and made the publication on Tuesday of great importance for the traders. Some considered the odds of a downside pressure easing once again when the data is public. Analyzing support levels where bigger volume investors bought BTC, the fellow on-chain analytics platform Whalemap declared that $27,000 is the maximum pain point for the market:

“$41,600, unfortunately, did not hold. $38,400 is the new closest on-chain support.”

As earlier reported, Ethereum and bitcoin slip to three-week lows and it seems that the rally during the Bitcoin 2022 event in Miami hasn’t really lived up to the standards. BTC slipped below $42K which are levels last seen on March 22. BTC is trading at $41,532 with the data from CoinMarketCap showing that the number one cryptocurrency Is down by 2.36% in the past day and 9% in the past week. As the 7-days chart shows, BTC peaked above $47,000 and hit the skids in the next few days. A brief spike above this level failed to result in an extended breakout.