Bitcoin disappoints on bull run as AMZN stock sees biggest 1-day drop since 2014
Bitcoin (BTC) fell into the Wall Street open on April 29 as United States markets opened to volatility, including an 11% drop in Amazon stock.
Data from Cointelegraph Markets Pro and TradingView confirmed BTC/USD dipping to $38,622 on Bitstamp Friday.
Despite a let-up in the U.S. dollar’s relentless bull run, Bitcoin showed little signs of strength as it remained firmly under $40,000.
Macro factors remained against the largest cryptocurrency along with risk assets more broadly, commentators noted, as the Federal Reserve reduced its balance sheet.
The start of #Fed deleveraging? Fed balance sheet has shrunk for the 2nd consecutive week. Total assets now at $8,939bn, equal to 36.6% of US' GDP vs ECB's 82% or BoJ's 137%. pic.twitter.com/0GRR5VgGIe
For Amazon, meanwhile, the pain was immediately obvious as missed earnings targets resulted in AMZN's biggest intraday loss in eight years.
The S&P 500 traded down 1% at the time of writing, while the Nasdaq 100 was down 0.9%.
Focusing on Bitcoin, popular trader and analyst Rekt Capital argued that the relative strength index (RSI) may need to form a higher low and rebound in order to provide the market with the fuel for a breakout on short timeframes.
#BTC ultimately rejects at this resistanceNow pulling backCould $BTC find a base and then rebound once the RSI Higher Low has been revisited?#Crypto #Bitcoin https://t.co/nneXL2BrKe pic.twitter.com/AKMzmmdGds
In its latest chart update on whale behavior, meanwhile, data from on-chain analysis platform Whalemap showed that buying behavior is echoing the bear market bottom of late 2018.
Related: Bitcoin set for volatile monthly close after BTC price ‘checks all boxes’ for major move
According to its data, whales with balances of between 1,000
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