Bitcoin (BTC) saw a classic “simulation” move on April 25 as volatility kept traders firmly on edge.
Traders remain gloomy on BTC’s outlook
Data from Cointelegraph Markets Pro and TradingView showed that the BTC/USD pair briefly rose almost $1,000 at the start of the April 25 Wall Street session.
The move was short-lived. the pair dipped back to the starting point within an hour after hitting local highs of $39.517 on Bitstamp.
April 25 had started with silence for Bitcoin bulls, who lost ground on the weekly close and failed to prevent $40,000 from becoming resistance on the daily timeframes.
For popular Crypto Ed trader, $30,000 was still on the table as a possible short-term target.
“To me, it looks like any bounce we see in the next couple of days is a short-lived bounce.”he said in his latest YouTube update, forecasting a “red week.”
Crypto Ed added that a push above $40,500 would provide a reason to be “slightly bullish”.
Bearish momentum had increased after Asian stocks lost heavily on China Coronavirus concerns. European markets outperformed at the open, while in the US, the Nasdaq 100 even managed to start gaining in the second hour of trading.
The S&P 500 was still down 0.43% at the time of writing, although it was trying to recover lost ground.
BTC went for another pop as NASDAQ is bouncing/reliefing a bit harder here.
The fight for $39,500 area on BTC will be crucial imo. pic.twitter.com/NTAvYn8Soh
— 8,731-541 (94.1%) / #1 CRYPTO SIGNALS/ DM OPEN (@BinanceKiller) April 25, 2022
BTC looked for another breakout as NASDAQ is bouncing/easing a bit more here.
The fight for the $39,500 BTC area will be crucial in my opinion.
Meanwhile, the popular Twitter account John Wick expressed caution about trading up or down based on current price action.
“Waiting for this was a good call. No viable long setup yet. We haven’t made lower lows though. Same range for now.”, said to his followers that day.
“However, a contraction is forming. We will have to wait for the break to resolve.”
Dogecoin One of the Early Winners in Musk’s Twitter Deal
Twitter, which helped overcome shaky ground for tech stocks, added 5% at the open after receiving news executives were likely to accept Elon Musk’s takeover offer.
After previously voicing opposition, Twitter’s board of directors could agree to the deal, in which Musk would acquire the company for $43.4 billion, later on April 25. That would equate to $54.20 per share compared to the current spot price of $50.36.
“I think there is a lot of frustration that is circulating in all parts of the world right now and that is reflected on Twitter; This is indicative of that.” said MicroStrategy CEO Michael Saylor told Bloomberg.
“It’s a little above my pay grade to determine how the whole chapter ends; it’s definitely interesting to watch.”
He added that he “wouldn’t mind” if Musk owned Twitter.
Musk is known to be a fan of Dogecoin (DOGE) and critical of Bitcoin’s alleged environmental problems, a perspective that contrasts sharply with that of former CEO Jack Dorsey.
Saylor said that he had not spoken to Dorsey about the acquisition.
The DOGE/USD pair is up 5% on the day at the time of writing, making it the best move among the top twenty cryptocurrencies by market cap.
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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