TechFlow news, March 12 — According to Blockworks, Joel Kruger, analyst at LMAX Digital, said the current weakness in the crypto market is "more a result of selling on good news and technical adjustments." Kruger believes Bitcoin is approaching a bottom and expects a rebound in the second quarter. He stated the asset "should find strong support" in the previous resistance zone of $69,000 to $74,000.
However, Ruslan Lienkha, Market Director at YouHodler, pointed out that the current market environment is more complex: "Bearish sentiment dominates U.S. equities, and concerns about a potential U.S. recession are rising. Considering these factors, the current consolidation phase could evolve into a medium-term bear market."
Lienkha added: "While Bitcoin has the potential to develop into a hedge asset, investors currently still treat it as a high-risk asset, reacting to market sentiment even more strongly than in traditional financial markets."
