Multiple factors are pushing BTC price below $40,000, but derivatives data shows pro traders are neutral, and holding out hope for a quick trend reversal.
On April 11, Bitcoin (BTC) dropped to $40,500, reaching a crucial level that erased the gains from the previous three weeks when the price peaked at $48,200 on March 28.According to analysts, the United States Federal Reserve balance sheet reductions are adding pressure to stocks and risk assets, with Bitcoin standing to lose appeal.Decentrader co-founder filbfilb agreed with these powerful headwinds by arguing that the Fed’s action could influence the BTC price trend “for months to come.”Bitcoin reacted unfavorably to a resurgent dollar, with the U.S. dollar currency index (DXY) returning above 100 for the first time since May 2020. While some consider the DXY event a temporary show of strength, its impact on crypto markets was clear.Data shows margin traders are bullish
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