Bitcoin April 29, 2022 – A Bounce or Nothing

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.”

Publication by Michaël van de Poppe – Source: Twitter

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.

Sharp drop to be expected in the event of a fall below $38,900 for bitcoin (BTC)?
Publication of Crypto Ed – Source: Twitter

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.

New record for holdings of bitcoin whales (BTC).
Posted by Will Clemente – Source: Twitter

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?

New record for bitcoin (BTC) hash rate.
Posted by Will Clemente – Source: Twitter

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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