The Bitcoin price, currently at $76,481.27, may experience a downturn despite being slightly up. Having gained less than 0.5% since midnight UTC, significant moves towards $80,000 are expected to encounter opposition. According to Luke Deans, a senior research associate at Bitwise, short-term holders have a cost basis around $80,000, which could lead them to sell and take profits if the price moves above this level, limiting any potential advance. The release of the US March PCE inflation report, coupled with high oil prices and rising bond yields, may further hinder the market.
The recent Federal Reserve decision to maintain the federal funds rate, with four dissenting voices, has also added to market uncertainty. Deans noted that altcoins remain closely tied to Bitcoin, with a high correlation and beta percentiles of 97% and 99%, indicating that tokens may move in tandem with Bitcoin. He also observed that beneath the surface, conditions are forming that typically precede increased volatility, characterized by subdued liquidity and a lack of directional conviction, suggesting that price movements may be necessary to unlock new liquidity.