Bitcoin recovers the $46K level, but several factors could prevent a stronger breakout

cointelegraph.com:

After dropping below $45,000 on March 31, Bitcoin (BTC) surprised investors with a quicker-than-expected recovery to the $46,500 level.

Data from Cointelegraph Markets Pro and TradingView shows that bears managed to drop BTC to an overnight low of $44,210 before bulls showed up in force to lift the price back above $46,500 by midday.

Here’s what several analysts are saying about the short-term outlook for Bitcoin moving forward and what developments could present headwinds for the top cryptocurrency as a new month gets underway.

Events in the global financial market continue to have a large impact on cryptocurrency markets and are likely to continue to do so for the foreseeable future.

According to Macro Hive CEO Bilal Hafeez, “currently macro is dominating Bitcoin” as evidenced by the “last few days of equity weakness” that “has also led to Bitcoin declines.”

Hafeez also pointed to higher interest rates in the US, a more hawkish Fed, and weakness in the Chinese markets as reasons for the current volatility in equities markets.

While these macro events continue to weigh on financial markets, Macro Hive noted that there are signs of hope in Bitcoin-specific metrics.

Hafeez said,

The pullback in BTC price over the past 24-hours was somewhat expected according to David Lifchitz, managing partner and chief investment officer at ExoAlpha. Lifchitz pointed to Bitcoin's “7-day win streak” and end-of-the-quarter activity from institutional investors as contributing to the decline.

Despite the pullback on March 31, Lifchitz indicated that “the upside support trendline from March 21 remains intact,” and will likely hold as support moving forward barring “a revisit of the low $40,000s in the next couple of days.”

“Wildcards” identified