Bitcoin (BTC<\/a>) fell into the Wall Street open on April 29 as United States markets opened to volatility, including an 11% drop in Amazon stock.<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a>\u00a0confirmed BTC\/USD dipping to $38,622 on Bitstamp Friday.<\/p>\n Despite a let-up in the U.S. dollar\u2019s relentless bull run<\/a>, Bitcoin showed little signs of strength as it remained firmly under $40,000.<\/p>\n Macro factors remained against the largest cryptocurrency along with risk assets more broadly, commentators noted, as the Federal Reserve reduced its balance sheet.<\/p>\n The start of #Fed<\/a> deleveraging? Fed balance sheet has shrunk for the 2nd consecutive week. Total assets now at $8,939bn, equal to 36.6% of US’ GDP vs ECB’s 82% or BoJ’s 137%. pic.twitter.com\/0GRR5VgGIe<\/a><\/p>\n \u2014 Holger Zschaepitz (@Schuldensuehner) April 29, 2022<\/a><\/p><\/blockquote>\n For Amazon, meanwhile, the pain was immediately obvious as missed earnings targets resulted in AMZN\u2019s biggest intraday loss in eight years.<\/p>\n The S&P 500 traded down 1% at the time of writing, while the Nasdaq 100 was down 0.9%.<\/p>\n 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 the fuel for a breakout on short timeframes.<\/p>\n #BTC<\/a> ultimately rejects at this resistance<\/p>\n Now pulling back<\/p>\n Could $BTC<\/a> find a base and then rebound once the RSI Higher Low has been revisited?#Crypto<\/a> #Bitcoin<\/a> https:\/\/t.co\/nneXL2BrKe<\/a> pic.twitter.com\/AKMzmmdGds<\/a><\/p>\n \u2014 Rekt Capital (@rektcapital) April 29, 2022<\/a><\/p><\/blockquote>\n In its latest chart update<\/a> on whale behavior, meanwhile, data from on-chain analysis platform Whalemap showed that buying behavior is echoing the bear market bottom of late 2018.<\/p>\n Related:\u00a0Bitcoin set for volatile monthly close after BTC price \u2018checks all boxes\u2019 for major move<\/a><\/em><\/strong><\/p>\n According to its data, whales with balances of between 1,000 and 10,000 BTC are busy accumulating BTC to the extent that they were when BTC\/USD hit $3,100 in December that year. The volumes even outdo those from the $3,600 crash in March 2020.<\/p>\n \u201cWhales are accumulating as much Bitcoin today as they were at the $3K lows,\u201d analyst and indicator creator Charles Edwards commented<\/a>. <\/p>\n \u201cThese are holders with approx. $40M – $400M in their wallets today. In 2018, that was $4M – 40M (but there were no \u2018institutions\u2019 then either).\u201d<\/p><\/blockquote>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2022-04\/9e1fd5ae-6747-4564-aadf-4ccdb15e196c.png\")
All change at the Fed<\/h2>\n
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Whales flip to bear market bottom buying<\/h2>\n
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