Bitcoin (BTC) headed towards $42,000 on April 9 after the bulls failed to generate a trend change late in the week.
Bitcoin Lines Up a Weekly Red 10% Candle
Data from Cointelegraph Markets Pro and TradingView showed the BTC/USD pair slowly dissolving support levels for several weeks at the start of the weekend.
After multiple tests of USD 43,000, that area eventually gave way and the pair hit a low of $42,131 on Bitstamp, its lowest level since March 23.
Bulls hoping for a rescue move felt the pain, with cryptocurrency cross-settlements totaling $200 million in the 24 hours to time of writing on Saturday, as confirmed by data from the on-chain monitoring resource, Coinglass.
For traders, the short-term outlook was therefore firmly bearish. Popular market commentator Crypto Ed noted a retest of $40,000 but warned that Bitcoin might not stop there.
“As long as I don’t get back $44,000 or even better $45,000 or $46,000, I’m afraid we have to be prepared for more inconvenience and at least retry $40,000 and maybe even less,” warned to his Twitter followers.
“Like I said a week ago, don’t rely on those moves anymore.”
An attached chart showed a projected multi-step downtrend with support levels at $40,000 and $37,500.
In the meantime, Yann Alleman Y Jan Happell, co-founders of on-chain analytics firm, Glassnode, they drew attention to the potential for volatility thanks to lower weekend market volumes.
#bitcoin is trading at a liquid range of USD 42-USD 45k. Low volume over the weekend can cause abrupt price swings.#BTC Risk signal at the high-level threshold. pic.twitter.com/J4bj2aHCKo
— (@Negentropic_) April 8, 2022
In contrast to the previous week, Bitcoin’s weekly candle that closed on Sunday included almost $5,000 of losses or almost 10%.
Nothing stops the Bitfinex whales
However, not everyone was attempting a way out.
According to the latest data, Bitcoin whales were busy buying new supplies from sellers, and exchange Bitfinex saw some notable supply volumes fill up.
More bids being filled… USDBTC https://t.co/CKj7zF7yXW pic.twitter.com/cF48gAYxax
—Credible Crypto (@CredibleCrypto) April 9, 2022
Previously, Cointelegraph reported on the importance of Bitfinex whales and their buying and selling habits this year.
Another high-volume wallet of unknown origin also continued to buy BTC worth millions of dollars at regular intervals, regardless of price action, a strategy known as Dollar cost averaging (DCA).
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