Bitcoin Struggles With $46,000 Level As Elon Musk’s Buying Of Twitter Sends Dogecoin Near Its 2-Month Highs

Bitcoin Struggles With ,000 Level As Elon Musk’s Buying Of Twitter Sends Dogecoin Near Its 2-Month Highs

Bitcoin (BTC) traded in uncertain territory on April 4 as the Wall Street open failed to trigger a bullish continuation.

BTC/USD 1-hour candlestick chart (Bitstamp). Source: TradingView

A trader gives a short-term downside target to $43,000 for BTC

Data from Cointelegraph Markets Pro and TradingView showed the BTC/USD pair dipping above and below the $46,000 mark on Monday, continuing a few days of low volatility.

The pair managed to seal a second week near the 2022 yearly open, with analysts already expecting a breakout of $50,000 or even higher.

However, at the time of writing this article, There was still no sign of such an outcome, while Bitcoin remained in an ever-tightening low time frame trading range.

“Bitcoin is not very clear to me, could be due to a very slow weekend, which disturbs my opinion a bit,” popular trader Crypto Ed summarized in his last YouTube update of the day.

Highlighting a descending diagonal resistance trend line, Crypto Ed reasoned that a possible pullback could happen as soon as Monday, resulting in Bitcoin falling back to $44,800 or higher to near $43,000 should that not hold.

The diagonal, he added, was keeping $50,000 out of his reach at the moment.

Trader and podcast host Scott Melker was tentatively hopeful, noting that Bitcoin was getting rejected at the 200-day moving average.

“Rejected in the 200s, down to $45,500; we should go higher,” he said in a twitter feed on Monday.

“Hopefully the whales don’t decide to turn on us just because there’s a conference.”

Melker was referring to the Bitcoin 2022 event in Miami from April 6-9, a major gathering of some of the biggest names in the Bitcoin world.

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Dogecoin Rebound Follows Musk’s $3 Billion Spending on Twitter

In altcoins, the pack was led by Dogecoin (DOGE) that day, which outperformed all major cryptocurrencies thanks to a classic hype push from Tesla CEO Elon Musk.

After the billionaire revealed that he had bought a 9.3% stake in Twitter, becoming the firm’s largest shareholder, the DOGE/USD pair was the clear beneficiary of cryptocurrencies, nearing its highest levels in two months.

Bitcoin Struggles With $46,000 Level As Elon Musk's Buying Of Twitter Sends Dogecoin Near Its 2-Month Highs
DOGE/USD 1-day candlestick chart. Source: TradingView

Musk’s move was the result of a Twitter poll, in which just over two million respondents told him the firm was failing to uphold “free speech principles.”

The consequences of this survey will be important. Please vote carefully.

Meanwhile, other Twitter activity in recent days continuous with Musk’s direct interaction with the Dogecoin community.

As Cointelegraph reported, inflows into altcoins over the past week emphasized a greater appetite for, what on-chain analytics firm Glassnode called, “riskier” altcoins.

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