Bitcoin dropped against the greenback during the trading course of the week. The fall of the Bitcoin indicates a lower appetite for risk among traders, investors reduce their exposure to speculative assets such as cryptos during times of uncertainty. .As the Shanghai’s coronavirus lockdown dragged into the fourth week, China ordered mass coronavirus testing in Beijing, escalating fears over a lockdown in the capital city of the world’s second-biggest economy which weighed on the consumer sentiment. The escalating geopolitical risk also weighs on the market sentiment favoring the US dollar. Amidst that the aggressive rate hike expectation from Fed also weighs on the Bitcoin.
Elsewhere, a Twitter thread by crypto analyst and pseudonymous Twitter user “Wolves of Crypto,” indicates that “the most probable bear market bottom for Bitcoin will take place in November/December 2022.”
The major economic events deciding the movement of the pair in the next week are ISM Manufacturing PMI at May 02, JOLTS Job Openings at May 03, ADP Nonfarm Employment Change, ISM Non-Manufacturing PMI, EIA Crude Oil Stocks Change, Fed Interest Rate Decision at May 04 and Nonfarm Payrolls at May 06 US.
BTC/USD Weekly outlook: