Bitcoin price forms bearish engulfing as BitBot thrives
Bitcoin price has come under intense pressure in the past few weeks as investors sit and wait for the next catalyst. The BTC token had its first monthly decline in eight months. It has also crashed in the past five straight weeks. It retreated to about $60,000, which was lower than the year-to-date high of over $73,500.
Other cryptocurrency prices like Ethereum, Solana, and Avalanche continued diving as the fear and greed index retreated. Still, despite the doom and gloom, BitBot token continued raising substantial sums of money as its fundraising reached over $3.05 million.
Bitcoin lacks a clear catalyst
As shown above, bitcoin price has formed a bearish engulfing pattern on the monthly chart. This candlestick pattern is characterized by a red candle covering the previous bullish candle. In most cases, it is usually one of the most bearish signs in the market.
Fundamentally, there is a likelihood that the token will continue falling because it lacks a clear catalyst ahead. Bitcoin halving has already happened while the Securities and Exchange Commission (SEC) approved spot Bitcoin ETFs. Recent data shows that these funds have had outflows, which is a negative sign.
At the same time, there are signs that the Federal Reserve will maintain its hawkish tone since inflation remains at uncomfortable levels. The headline inflation rose to 3.5% in March while the Personal Consumption Expenditure (PCE) rose to 25%.
Bitcoin and stocks are often seen as high-risk assets that are impacted negatively by the activities of the Fed. A hawkish tone will likely lead to more pressure for Bitcoin and other cryptocurrencies.
It is not all gloom, however. As shown above, Bitcoin has also formed a cup and handle pattern, one of the most bullish signs in the market. The recent pullback is part of the formation of the handle section of this pattern.
Therefore, a bullish breakout cannot be ruled out in the coming weeks. Analysts at Standard Chartered believe that the coin will end the year above $100k. Other analysts like Mike Novogratz and Michael Saylor expect that the bull run will continue in the long term.
BitBot token sale continues
Meanwhile, amid the ongoing doom and gloom in the crypto industry, BitBot has continued doing well. Data on its website shows that the developers have raised over $3.05 million from investors in the past few months.
BitBot is a company that aims to become the best Telegram bot for day traders and investors. It will be created using a combination of technologies like technical indicators and artificial intelligence.
The goal is to have a trading bot that delivers strong returns to its customers. Its main differentiating factor is that BitBot will have strong safety features as it will be a non-custodial bot.
Also, it will be powered by the $BITBOT token that will enable holders to generate returns and take part in its governance. You can buy the BitBot token here.
The post Bitcoin price forms bearish engulfing as BitBot thrives appeared first on Invezz
