Bitcoin (BTC) was trading up 1.2% over 24 hours at $8,728, with 10-day and 50-day technical indicator moving averages continuing to signal sideways sentiment Friday. A slight price rally to $9,000 took place at around 12:00 UTC (9 a.m. EDT), though it later pulled back to $8,700 territory at press time.
The first trading day in May saw Japan’s Nikkei 225 index closing in the red 2.8%. Exports from South Korea dropped 24% in the first quarter, a tough blow for a region that relies on them. European markets were closed for a holiday Friday.
The S&P 500 index was down 2.8% Friday as dismal manufacturing and real estate data dragged on markets. Earnings for major companies in the tech sector were disappointing, taking a toll on the U.S. equity benchmark. More than ever before, the S&P 500 index is influenced multiply bitcoin by just a handful of tech stocks, with five companies now constituting more than 20% of its composition.
Open interest on the Chicago Mercantile Exchange (CME) bitcoin futures market is up along with higher volume. The CME is a stalwart for futures trading, including bitcoin, for well-capitalized, experienced commodities traders. Brokerages usually require a $250,000 minimum deposit to maintain an active hyip investments account there.
Some uncertainty ahead of bitcoin’s expected May 12 halving event might have professional traders more focused on futures rather than the spot market.
Oil experienced another price gain, up 3.3% as of 20:00 UTC (4:30 p.m. EDT) even as supplies remain high and demand continues to be weak. “U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, increased by nine million barrels from the previous week,” said Nemo Qin, analyst at multi-asset brokerage eToro. “U.S. crude oil inventories are about 10% above the five-year average for this time of year.”
BTC Could See a “Rug Pull” as Large Bids Fail to Propel Price Higher
Yesterday evening some large buyers stacked notable bids around $8,800.
Shortly after this, BTC made a fleeting move past $9,000 before once again declining, signaling that the crypto could be poised to see a “rug pull.”