Test a posteriori – The markets are not entitled to a strong bullish rebound that would allow bitcoin (BTC) to return to the bullish trend in the short term. Traders, however, continue to see bitcoin at $50,000 and even $57,000.
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Bitcoin Above $43,000: Rise in Preparation or Hopeless Comeback?
bitcoin price falls up to around $42,800 on Bitfinex today, April 7, 2022. Bitcoin trades at $43,450 at the time of writing, and is currently recording a daily mini gain of 0.06%.
Bitcoin lost the major $45,000-$46,000 support zone, before the US Federal Reserve (FED) announced its plans to reduce its balance sheet, which is worth around $9 trillion , $95 billion per month starting in May 2022.
The outlook for traders is not all pessimistic, despite this bearish break. Trader Rekt Capital recalls that bitcoin was “out of the ascending triangle” to rally around $47,500.
Bitcoin would now be “in the process of retest the top of this ascending triangle as new support to fully confirm the previous bullish breakout.
The bulls must defend the $43,100 support line for bitcoin to pass this test. In this case, bitcoin “could once again benefit from a rise” in the high range of $40,000, “ and even up to $50,000 “.
Trader Michaël van de Poppe indicates that bitcoin is “at an important breaking point”. If its price holds above the $40,000-$43,000 support, “it looks set for another step towards $57K “.
If necessary, in the event of a break in this support zone, Michaël van de Poppe expects to “ a test around $36,000 “.
The $50,000 would thus remain within reach, if the price of bitcoin manages to hold above $43,000. The weekend will provide more precise data to determine the likelihood of a strong bullish recovery that would lead to a reconquest of $50,000, and that of yet another fall below $40,000.
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