Bitcoin April 11, 2022 – In full freefall

Victory of the bears – As the price of bitcoin (BTC) opened the day above $42,000, it lost $40,000 and fell to around $39,550 on Bitfinex today, April 11, 2022. is trading at $39,950 at the time of writing, and is currently in a significant daily loss of 7.37%.

The daily course of bitcoin (BTC) is brought to you in collaboration with the BetweenDing du Coin and its algorithmic trading solution finally accessible to individuals.

Bitcoin Below $40,000: Next Stop $30,000?

Analysts believe that bitcoin is undergoing reduction in the US Federal Reserve’s balance sheet. This measure taken by the FED to try to control inflation, could reduce the attractiveness of bitcoin and other risky assets. Decentrader co-founder filbfilb believes that this FED action could even weigh on the price of bitcoin “for the coming months”.

Bitcoin also pulls back below $40,000 as the US Dollar (DXY) crosses the 100 mark for the first time since May 2022. Is this dollar appreciation permanent or temporary? The rise of the DXY seems in any case to have a clearly visible negative impact on the price of bitcoin.

What are the next price floors for bitcoin? Trader Michaël van de Poppe defines the $38,000 as a key levelafter this break of support around $40,000.

Publication by Michaël van de Poppe – Source: Twitter

Crypto trader Ed, meanwhile, shares a scenario with the price of bitcoin playing out the roller coaster in the next few days. He expects a first bounce back down bitcoin to around $41,000, which would then be followed by a drop to $39,850. The next bounce would then result in a regaining $44,200 and morefollowed by a drop to $39,000.

Upcoming roller coaster for bitcoin (BTC).
Publication of Crypto Ed – Source: Twitter

Can Bitcoin really get back above $44,000 in the very short term? Trader Rekt Capital shared a daily chart of bitcoin price, to show that the cryptocurrency is trading below the Pi Cycle indicator. The latter now acts as a new resistanceas in December 2021”.

Pi Cycle Top as bitcoin (BTC) price resistance.
Publication of Rekt Capital – Source: Twitter

The Pi Cycle Top indicator, which uses the 111-day moving average, has been used to determine when the price of bitcoin touches the peaks of market cycles, within three days. Should we then deduce that bitcoin entered a lasting downtrend ?

Some forecasts are in any case really pessimistic. BitMEX CEO Arthur Hayes indicated in his April 10, 2022 post that bitcoin should test the $30,000 “by the end of the second quarter in June of this year”.

The FED will therefore not only have succeeded in breaking the major support of $46,000 for bitcoin. It also cracked the $40,000, and thus could have initiated the bearish move to $30,000.

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