Bitcoin (BTC) fooled no one with its $40,000 crossing on April 15 as traders remained firmly on BTC risk.
Bitcoin returns to key 2022 Fibonacci level
Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD bounced back modestly after returning to the $39,500 zone on April 14.
The move erased a week’s highest momentum rally, underlining the lack of bull market momentum despite conspicuous demand for Bitcoin among institutional buyers.
For popular Crypto Ed trader, there was reason to believe that a further drop was coming soon. Current levels, he warned viewers in his latest YouTube update, did not constitute suitable ground for a long position.
“With the weekend coming up, I would be very careful about long positions here,” he summed up.
In the event, BTC/USD reached around $40,400 before reversing to trade around $40,150 at the time of writing on April 15.
Market commentator Miles Johal, meanwhile, noted that the pair was now interacting with the 0.75 Fibonacci level, which has been a supportive feature throughout 2022.
Back to dancing with the 0.75 USDBTC pic.twitter.com/dDDVjZSJYa
— Miles J Creative (@JohalMiles) April 15, 2022
US financial markets were closed for the day for the Good Friday holiday, preventing crypto traders from having correlated price movements.
Remember the supercycle?
Elsewhere, excitement was once again brewing over the concept of Bitcoin being in a so-called “supercycle.”
Previously popular, the concept revolves around seeing BTC’s price action as more than just a product of its roughly four-year halving cycles.
Doing so, some suggest, explains why Q4 2021—the year after Bitcoin’s last halving—didn’t produce the “explosion cap” common to previous post-halving years.
Instead, BTC/USD could simply be in a consolidation phase with most of its upside yet to come.
“Interesting. Maybe we never got the top of the blast…because it hasn’t happened yet,” reacted Josh Olszewiczhead of research at alternative asset management firm Valkyrie.
The comparison graph of the supercycle is public originally on Twitter earlier in the week.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should do your own research when making a decision.
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