Bitcoin (BTC) slowed by the stock market, Amazon suffers its biggest loss since 2014

Bitcoin (BTC) took a hit on the back of the neck opening trading on Wall Street today, April 29, as the US stock market kicked off with higher-than-expected volatility, including an 11% decline in Amazon stock. .

Bitcoin price chart (Bitstamp). Source: Trading View

The US central bank continues to put pressure on

BTC/USD slipped to mid-lows of $38,622 on Friday night, according to data from Cointelegraph Markets Pro and TradingView.

Although the US Dollar appears to have broken its current high for the time being, Bitcoin price has not yet been able to convert this happy news into further gains and therefore remains well below the psychologically important bar of 40,000 US dollars.

However, macro factors are still not working in favor of the major cryptocurrencies in the market, as the US Federal Reserve continues to pursue its planned deleveraging, which generally has a negative impact on risky investment products.

For Amazon, this had a fairly immediate impact, as after the major online retailer reported surprisingly weak quarterly numbers, AMZN had to accept its heaviest daily loss in 8 years.

The S&P 500 is down 1% at press time, while the Nasdaq 100 is equally weak, down 0.9%.

Focusing on Bitcoin, popular trader and analyst Rekt Capital argued that the Relative Strength Index (RSI) may need to form a higher low and rebound in order to provide the market with fuel for a breakout in short periods. .

Whales seize the opportunity to buy

In turn, crypto data analysts at Whalemap look at the current behavior of big Bitcoin investors, the so-called whales, whose buying behavior is currently similar to that during the late-2018 low.

The data suggests whales with assets between 1,000 and 10,000 are buying BTC at a rate similar to December 2018, when BTC/USD was just $3,100. The current buying volume of large investors is therefore even higher than in March 2020, when the Bitcoin price crashed to $3,600.

“Whales are buying as much bitcoin as they did during the $3,000 low,” analyst Charels Edwards said happily. announcement. To which he adds:

“These investors today have between $40 and $400 million in their portfolio. In 2018, they were still between $4 and $40 million.

Purchasing behavior of wallets between 1,000 and 10,000 BTC. Source: Whale Map

Additionally, the data service points out that the current price level is historically an important benchmark for buyers and sellers. As expected, the fight for extra directional movement remains thrilling.

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