Source: X / Cole GarnerAccording to Garner, the Bitfinex spot BTC margin longs to margin shorts metric just fired a powerful signal which shows historical returns of 50%+ returns “within 50 days.” Related: US regulators FDIC and CFTC ease crypto restrictions for banks, derivativesBeyond the day-to-day price fluctuations, positive crypto industry developments continue to occur on the regulatory front. On March 28, White House AI and Crypto Czar David Sacks commended the FDIC and its Acting Chairman Travis Hill for clarifying the “process for banks to engage in crypto-related activities.” Source: X / David SacksEssentially, the Federal Deposit Insurance Corporation’s letter to institutions under its oversight provided clear guidance on their ability to engage in and provide crypto-related products and services without needing to notify the FDIC first.
Source: X / The Kobeissi LetterThe sell-off was further amplified by the markets’ response to US President Trump’s newly levied “reciprocal tariffs,” which applied a 25% tariff to “all cars that are not made in the United States.” The chances for a Bitcoin relief rally or oversold bounce are likely diminishing as traders cautiously keep an eye on April 2, the day Trump has labeled “Liberation Day,” where additional tariffs, including “pharmaceutical tariffs,” are expected to be unveiled. Bitcoin price to fall to $65K? According to veteran trader Peter Brandt, Bitcoin could be on the path to $65,635. BTC/USD 1-day chart.
Bear wedge completed with 2X target from the double top at $65,635.” Crypto trader ‘HTL-NL’ agreed with Brandt, suggesting that Bitcoin’s failure in “breaking the ice” of a long-term descending trendline and the confirmation of the bear wedge are proof that BTC is destined to revisit its range lows. BTC/USD 1-day chart.
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