Threatening growls – Bitcoin (BTC) starts the week with a movement that has become commonplace in recent days. He nevertheless tested a crucial zone which could soon bleed the markets. The next two weeks are likely to be tense for the bulls, the bears seem to have a big game to play.
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Bitcoin at $40,000 (again): this zone will decide on a fall to $30,000
The price of bitcoin (again) lost $40,000 during Easter Sunday, April 17, 2022. However, Bitcoin (already) went back above this symbolic level yesterday, April 18, 2022. Its price is close to $41,000 on Bitfinex, after descending briefly below $39,000. Bitcoin is trading at $40,773 at the time of writing, and is currently seeing a daily gain of 1.23%.
How should the markets interpret this umpteenth reconquest of $40,000? Crypto trader Ed believes that bitcoin must receive the $37,500, before seeing a rebound. He pointed out that “the $40,000 must first be recovered”. If this scenario occurs, “it will definitely give a bullish impulse to the market”.
Crypto Ed then expects the price of bitcoin goes up to $43,000 after this resumption of the $40,000. However, the outlook is not positive for bitcoin, especially “for the next two weeks”. Crypto Ed indeed foresees further declines in the price of bitcoin, with some bullish bounces. These reductions could bring back, according to him, bitcoin price at $30,000.
The analyzes of the trader Michaël van de Poppe seem to point in the same direction. They predict a potential bitcoin drop below $30,000if the price of the cryptocurrency was trading below the zone around $38,000 – $39,000 – in green in the graph.
Bitcoin therefore remains fragile at $40,000. The rebounds should not hide the ability of the bears to exert (very) strong pressure on bitcoin, bringing its price back to around $30,000. The comings and goings on either side of the $40,000 are not likely to last in any case. If the bears don’t take their chance, it’s up to the bulls to pull out of the game.
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