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Bitcoin Prices Approach July Low as APAC Traders Brace for More Selling

Bitcoin Prices Approach July Low as APAC Traders Brace for More Selling

Thomas Westwater,
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Bitcoin, BTC/USD, Market Sentiment, NZ Card Spending - Talking Points

  • Bitcoin prices are more than 50% off the November high amid market selloff
  • New Zealand electronic card spending rises 7.0% m/m in April
  • BTC/USD eyes the psychological 30,000 level as prices eye July 2021 lows
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Tuesday’s Asia-Pacific Forecast:

Bitcoin prices slid lower overnight as the cryptocurrency continues to suffer heavy outflows amid a volatile market backdrop. The broad wave of risk-off sentiment injected by the Federal Reserve’s latest interest rate decision has investors ditching risk assets at an impressive, yet worrisome pace. BTC/USD is now over 50% off its November all-time high of 69,000. That marks the largest drawdown since June 2021.

Asia-Pacific traders may continue to hit the sell button today across equity and currency markets. The Australian Dollar fell to a fresh multi-year low against the US Dollar. That would likely see risk-sensitive Bitcoin prices slide further. Overnight, US equity benchmarks saw no relief from the heavy selling pressure from last week. The high-beta Nasdaq-100 Index (NDX) closed 3.98% lower.

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This morning, New Zealand reported a 7.0% rise in electronic retail card spending on a month-over-month basis. That may help ease domestic fears over consumer spending in the country as broader economic woes linger amid high inflation. Japan is set to report household spending data for March later today, with analysts forecasting a 2.8% y/y drop.

Australia will see a final update to retail sales figures for March and the National Australia Bank’s business confidence index is due out at 01:30 GMT. Japan will hold a 10-year Japanese Government Bond (JGB) auction at 02:35 GMT. Later in the day, the Philippines’ January-February retail price index is due to cross the wires. However, these events are unlikely to influence market sentiment.

BTC/USD Technical Forecast

BTC/USD is nearing its lowest levels since July 2021. The overnight drop extended the weekly loss to over 8%. The 50-day Simple Moving Average (SMA) is nearing a potential cross below the 100-day SMA, which may reinforce the bearish sentiment. The 30,000 psychological level may offer the next chance for buyers to show up in force, but a drop lower would put prices near the lowest levels since July 2021.

BTC/USD Daily Chart

bitcoin chart

Chart created with TradingView

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--- Written by Thomas Westwater, Analyst for

To contact Thomas, use the comments section below or @FxWestwater on Twitter

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.