BITCOIN - BTC/USD Forex Signal: Short-Term Weakness to Persist
Bitcoin dropped to a low of $27,126 during tbe weekend, the lowest level since April 3. In all, the coin has erased about 11.27% from its highest point this month, meaning that it has moved to a correction.The recent Bitcoin sell-off has coincided with a period when the US dollar index has moved up slightly in the past few days. After falling to a low of $100, the US dollar index has staged a slow comeback to trade at $101.80. Bitcoin tends to have a close correlation with the US dollar.
Therefore, there is a likelihood that this sell-off will be temporary. Analysts cite the upcoming Bitcoin halving as a likely catalyst. In most periods, Bitcoin tends to rally towards halving, which is a process that takes place every four years. It reduces the amount of Bitcoin rewards paid to miners, which makes mining less profitable. In a note, an analyst told Bloomberg that:
The key events that will move the BTC/USD pair will be earnings from the biggest technology companies and the upcoming US consumer confidence data.The BTC/USD pair has been in a strong bearish trend in the past few days.
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