Bitcoin fell on Thursday after the Wednesday rally by 4.8%. It came close to $38,000 range.

When #Bitcoin got to $38,000, sell orders took over, sending the price lower. This triggered liquidations of leveraged long positions, sending the price downward.

Throughout the week, BTC has been flopping. Going from red to green and back again.

BTC is now down a little over 2% over the week but still up close to 25% in the past 30 days.

Noelle Acheson, author of the ‘Crypto is Macro Now’ newsletter, says Bitcoin is starting to seem like a rebellious teenager, which is actually fitting when you consider its relative age and its disruptive mission. But in retrospect, its rebellion is manifested by not reacting as traditional lore says it should.

Easing treasury yields—the ten-year yield is down about 3% this week—coupled with optimism that the Federal Reserve will pause rate hikes should be enough to push bitcoin to its next key level.

Yet, that is not what appears to be happening. Putting too many eggs in the macroeconomic basket tends to not bode well for crypto investors. Bitcoin can be moved by macro considerations, or it can be moved by ETF speculation. Or it can be moved by any of a number of other factors.

"We can talk about ‘correlations’ all you want, but they tend to be backward-looking and changeable." - Acheson

Avalanche native token (AVAX) extends double-digit rally with another 7% gain.

Other cryptocurrencies that dropped after Bitcoin during the day are (ETH) Ether dropping 4% to $1,960. Solana (SOL) to 6% and Chainlink's native token (LINK) to 9%.

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