Bitcoin (BTC) faced a fresh threat of a drop below $40,000 on April 8 as shorter time frames failed to rescue the bulls.
Bitcoin Risks Returning to $38,000 Support
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD consolidating in a range bounded $44,000 ahead of the Wall Street open on Friday.
The pair’s volatility was reduced after a drop from 2022 highs during the week, but analysts warned that the next step is to return to the trading range established in the year.
“BTC is in the process of trying to turn the ~$43,100 zone into support. If it fails and the ~$43,000 level becomes resistance… BTC will confirm a return to the $38,000-$43,000 range that hosted the consolidation at the beginning of the year”, summarized popular trader and analyst Rekt Capital in his most recent Twitter update.
“Until then – rollback in progress.”
Also warning of a further leg down, Crypto Ed highlighted a failed breakout attempt of $44,000 as a sign of a possible bearish continuation.
#BTC
You were warned pic.twitter.com/1BPi8yBRY6— Ed_NL (@Crypto_Ed_NL) April 8, 2022
In a YouTube update, he further highlighted $40,000 as the next logical downside target.
Rekt Capital found a possible silver lining in the fact that the BTC/USD pair has retained its 50-week EMA after a previous breakout, something that had “preceded a huge rally” in the past. he pointed.
The Bitcoin 2022 conference passes as if nothing happened through the markets
Lackluster price action accompanied the Bitcoin 2022 conference in Miami, which, despite several flashy speeches and announcements from big names in the industry, failed to lift market spirits.
PayPal co-founder Peter Thiel commanded attention with a keynote speech in which he named Warren Buffett, the ESG movement and others on a list of “enemies” of Bitcoin in the United States.
“If we were to sum this up in a framework, it’s about the financial gerontocracy running the country through whatever silly virtue signaling/hate factory terms like ESG they have versus what we have to think of as a revolutionary youth movement “, he told the audience.
For her part, ARK Invest CEO Cathie Wood reaffirmed her prediction that Bitcoin will cost $1 million by 2030.
The ARK Innovation ETF (ARKK), managed by Wood, has traded more than 34% down so far this year, far underperforming Bitcoin itself.
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