Bitcoin on April 8, 2022 – Taken Down by the Dollar

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.

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.

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 “.

Publication of Crypto Ed – Source: Twitter

Crypto Ed defined in his latest YouTube update $40,000 as “the next logical downside target”.

Crypto Ed YouTube video

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.

Is it possible to be a winner every time? Whether the bitcoin price is in great shape, or going through turbulence, Coin Trading offers you to increase your chances of success. Indeed, Coin Trading allows individuals to access a trading tool algorithmic and 100% automated. Real trend mechanism, test this tool designed to adapt to market reversals and position yourself on the most dynamic crypto assets of the moment.

Leave a Comment