Rebound, are you there? Yesterday’s bitcoin (BTC) foray above $40,000 will not be followed by a bullish rally. The bitcoin price is returning to levels near a key support.
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Bitcoin at $38,000: nothing new so far!
bitcoin price falls up to around $38,200 on Bitfinex today, April 29, 2022. It fails to rally above $39,000. Bitcoin trades at $38,588 at the time of writing, and is currently recording a daily loss of 3.18%.
For trader Michaël van de Poppe, the “playground” of bitcoin “always remains the same”. This land is bounded by the $38,500 and the $40,300. The trader believes he ” not much is happening as long as $38,000 remains strong. If bitcoin however loses this level, “the actual downward acceleration will most likely occur.”
Crypto trader Ed shared an analysis that has similarities with those of Michaël van de Poppe: bullish rebound or strong decline at default. He ‘want to see a rebound + retest in the $38,900-$39,200 area. Without this rebound, Crypto Ed expects a fall – the curve in red in the graph below – who ” should be the trigger for a short sale for bitcoin.
The very short-term outlook, while not explicitly bearish, is therefore also not favorable to bulls. In addition to these possibilities of a sharp drop, there is a bitcoin which should close this month of April 2022 in the redafter two consecutive green monthly candlesticks – unless there is an exceptional rally in less than 24 hours.
If the very short term thus remains uncertain, the outlook for a much longer timescale seem more optimistic.
Blockware analyst William Clemente shared some graphs from Glassnode, to show that some on-chain indicators are always green for bitcoin. The first chart reveals that BTC whale holdings have reached a high since September 2021. The price of bitcoin is however in a downtrend after it hit its all-time high at around $69,000 in November 2021.
The second chart shows that “bitcoin’s hash rate has reached new all-time highs “. William Clemente points out that “demand for BTC mining is relentless”. Are the markets safe from a miner capitulation, though the price of bitcoin has struggled in recent days to sustainably return above $40,000?
The conditions for a bullish continuation above $40,000 are therefore not always met. When will a weaker dollar allow the bulls to continue their course?
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