Bitcoin on April 27, 2022 – Toupie, or not toupie?

Spinning Top of Hope – Bitcoin (BTC) is in the process of absorbing half of the previous day’s losses, which amounted to around 5.7%. The pessimistic forecasts give way to more encouraging prospects. This trader does not rule out the possibility of a reversal of the current downtrend.

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Bitcoin at $39,000: soon a trend reversal?

The price of bitcoin rises above $39,000 today, April 27, 2022. Bitcoin trades at $39,165 at the time of writing, and is currently seeing a daily gain of 2.74%.

Bitcoin needs to hold on a daily basis, above the support zone around $38,000, to avoid “a cascade to the south”, according to trader Michaël van de Poppe. In case of failure of this support, the $37,000, the $34,000, and the $30,000 would be the next levels to watch.

Publication by Michaël van de Poppe – Source: Twitter

What is the probability of such a drop to $30,000 occurring? Trader Rekt Capital recalls that “a few weeks ago” bitcoin suffered a rejection “at the ~$38,300 resistance level”. He points out, however, that on a weekly basis, bitcoin “found support” at this level “in the last two weeks”.

The $38,300 as a bitcoin (BTC) support line?
Publication of Rekt Capital – Source: Twitter

Bitcoin could therefore enjoy strong support above $38,000. But can the markets hope for a bullish recovery? Rekt Capital also shared a weekly bitcoin price chart, which shows the formation of spinning top candles at the high lows – highers lows. These spinning top candlesticks “signal uncertainty in the market”. They also often precede “trend reversals”.

A trend reversal in sight for bitcoin (BTC)?
Publication of Rekt Capital – Source: Twitter

Bitcoin is about three days away from the monthly close. It is currently in a loss of around 14% from the April 2022 opening level. A trend reversal, should it occur, would therefore be to the advantage of the bulls.

Will Bitcoin finally be able to escape this drop of more than 50% in its price? Even a reconquest of $40,000 will not be enough to reassure the markets for the moment. The time is uncertain.

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