Green is for the dollar – Bitcoin (BTC) could lose a symbolic level this weekend. The bulls are currently giving little hope of a bullish rebound for a re-conquest of the $45,000-$46,000 range.
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The spectrum of $40,000 and below for bitcoin
The price of bitcoin is approaching $44,000 on Bitfinex today, April 8, 2022. Bitcoin, however, will neither manage to break through this level nor hold above $43,000. He trades at $42,754 at the time of writing, and is currently recording a daily loss of 1.87%.
For trader Rekt Capital, bitcoin “ is trying to turn the ~$43,100 zone into support”. If it fails, that level “becomes resistance” and bitcoin “ will confirm a return in the $38K-$43K zone “.
Bitcoin is currently losing $43,100. Without a strong bullish rebound, this weekend could therefore sign bitcoin returns below $40,000. Crypto trader Ed adds a dose of pessimism to this bleak outlook. He sees “a failed breakout attempt at $44,000 as a signal for a potential bearish continuation “.
Crypto Ed defined in his latest YouTube update $40,000 as “the next logical downside target”.
The week saw bitcoin lose its support at $45,000-$46,000. The US Federal Reserve has put enough pressure on the price of bitcoin for it to return to the downtrend. Today, furthermore, saw a US Dollar (DXY) rebound for the first time since May 2020, above the 100 mark. Markets are once again treated to what appears to be a negative correlation between bitcoin price and DXY price.
Is Bitcoin bracing for another rally or will the markets be treated to a hopeless comeback below $40,000? The question remains open. The weekend could see other supports shake and give way. It could also surprise traders with another bullish impulse which seems unlikely at the moment.
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