Bitcoin (BTC) bulls remained strong on April 20 as the Wall Street open saw a return to the $42,000 level.
The $42,000 level proves problematic
Data from Cointelegraph Markets Pro and TradingView showed the BTC/USD pair hitting $42,220 on Bitstamp, its highest level since April 11.
After adding as much as 9.3% against local lows on Apr 18, the pair was now lined up for “interesting” behavioraccording to Cointelegraph contributor Michaël van de Poppe.
“Things get interesting at the $42,000 level”, said to his followers on Twitter.
Like others on the day, Van de Poppe highlighted the decline in US dollar strength as a boon to BTC price performance.
Bearish divergence on the dollar $DXYwhich is a great sign for further upwards momentum for #bitcoin. pic.twitter.com/4BGSatk6f4
— Michael van de Poppe (@CryptoMichNL) April 20, 2022
However, the volatility was very evident on the return to the significant $42,000 level, as other expressed a lack of faith in the continued gains of Bitcoin.
However, For popular trader Josh Rager, the April 18 crash to $38,600 and subsequent rally was a pattern to watch.
“Last couple of moves led to over 30% uptrends,” he pointed on April 19.
“Yesterday caught a lot of people off guard, although it wasn’t as deep a pullback as the last one. You could still see Bitcoin go up here over the next week, take it day by day.”
An accompanying chart highlighted price performance after wicks fell to support through 2022. This time the target was around $48,000, the site of Bitcoin’s 200-day moving average.
US stocks fail to impress after earnings
On the macro side, fluctuations in the shares were criticized by Rager, who plot that performance was being hampered by changes in sentiment.
Unusual moves in Netflix shares became a talking point the day after the profit loss sparked a sell-off.
Nevertheless, According to the Fear & Greed Index Sentiment Gauge, the mood was better overall on April 20, with the index hitting its highest April score yet: 50/100.
The Crypto Fear & Greed Index, by contrast, languished in the “fear” zone at 27/100.
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