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{"id":26158,"date":"2022-05-13T06:57:53","date_gmt":"2022-05-13T06:57:53","guid":{"rendered":"https:\/\/cryptocurrencypanther.com\/2022\/05\/13\/bitcoin-btc-recovers-past-30k-but-dont-celebrate-yet\/"},"modified":"2022-05-13T06:57:53","modified_gmt":"2022-05-13T06:57:53","slug":"bitcoin-btc-recovers-past-30k-but-dont-celebrate-yet","status":"publish","type":"post","link":"https:\/\/cryptocurrencypanther.com\/2022\/05\/13\/bitcoin-btc-recovers-past-30k-but-dont-celebrate-yet\/","title":{"rendered":"Bitcoin (BTC) Recovers Past $30K, But Don’t Celebrate Yet"},"content":{"rendered":"

\n<\/p>\n

Bitcoin (BTC) led a broader recovery in the crypto market on Friday, appearing to have found a bottom after its latest crash.<\/p>\nBTC is trading up 14.3%, retaking the $30,000 mark after tumbling to as low as $26,000 on Thursday<\/a>. The token has been on a downturn ever since the U.S. Federal Reserve hiked interest rates earlier in May.<\/p>\nBut this is precisely why any short-term recovery in BTC should be taken with a grain of salt. High market volatility could make BTC and its peers prone to large swings in either direction, with a capitulation to likely follow.<\/p>\nCrypto market sentiment is still languishing at \u201cextreme fear,\u201d data shows<\/a>.<\/p>\nFactors behind BTC crash are still in play<\/h2>\n

BTC\u2019s latest tumble was driven by two main factors- fears of rising inflation, and interest rate hikes by the Fed. Both these factors are still in play for the market.<\/p>\n

U.S. CPI data earlier this week<\/a> showed that inflation is set to take much longer to cool, which bodes poorly for the economy. To remedy high prices, the Fed is likely to keep increasing interest rates, further reducing liquidity in the market.<\/p>\n

Given that much of BTC\u2019s rally over the last two years was driven by easy monetary policy, a change in the environment could drastically alter flows into the token.<\/p>\n

BTC\u2019s latest crash, on fears of Fed tightening, even saw it erase all the gains made through 2021- arguably one of its best years in recent history.<\/p>\n

Market sentiment is near record lows<\/h2>\n

Despite today\u2019s BTC recovery, crypto market sentiment has sunk to near record lows for the day. With investors still antsy after the Terra crash<\/a>, any bad news is likely to trigger another bank run.<\/p>\n

Extreme market crashes are also usually followed by a brief rise- called a \u201cdead cat bounce,\u201d before tumbling further. Such a phenomenon is observed in stock markets- a space that BTC closely tracks.<\/p>\n

Still, the token\u2019s dead cat bounce could see it rise further, for now. U.S. stock futures are up between 0.8% to 1.5%, according to data from CNBC<\/a>. Asian stocks have also recovered from recent losses.<\/p>\n

\nWith more than five years of experience covering global financial markets, Ambar intends to leverage this knowledge towards the rapidly expanding world of crypto and DeFi. His interest lies chiefly in finding how geopolitical developments can impact crypto markets, and what that could mean for your bitcoin holdings. When he isn’t trawling through the web for the latest breaking news, you can find him playing videogames or watching Seinfeld reruns.
\nYou can reach him at [email\u00a0protected]<\/a>\n<\/div>\n<\/div>\n

\n $\"\"$