After a week of losses, Bitcoin (BTC), prepared for its lowest weekly close so far in April 10.
BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView
BTC: Traders “giving people a chance”
Cointelegraph Markets Pro and TradingView data showed that BTC/USD was at $42,700 on Sunday, with just hours remaining until the close of the weekly candle.
The pair fell into Wall Street trading on Friday. However, the weekend offered some calm and $42,000 support.
Popular analyst and trader Rekt Capital believes there is still reason to be optimistic despite losses of almost 10% in the past seven days.
This #BTC pullback offers a second chance to a lot people. If you made a promise that you would buy $BTC when it drops, and that you wouldn’t miss the next uptrend, do yourself a favor and follow your own advice#Crypto#Bitcoin
— Rekt Capital (@rektcapital) April 10, 2022
Rekt Capital identified three important moving averages being tested for support. They noted that historically, they had been bouncing off of them before “strong bullish momentum.”
He said that anything over $38000 was technically a macro higher low for BTC.
Cointelegraph reported that macro pressure was the main reason for the mood of doom throughout the week. However, concerns about the strength of the U.S. Dollar remained.
The next bull run will begin when the DXY is reached its maximum (which could happen soon). “And that one is going be an epic one,” Michael van de Poppe, Cointelegraph contributor, predicted. He also adopted a more optimistic perspective.
Blockchain protocol Terra, which was quickly becoming a source of optimism, continued its BTC purchases Sunday with associated nonprofit Luna Foundation Guard (LFG), adding 4,130 BTC into its wallet.
BitInfoCharts, an on-chain monitoring resource, found that the wallet in question was 19th largest, with a balance at 39,897.98 BTC ($1.7 Billion).
Summary of LFG Bitcoin wallet data (screenshot). Source: BitInfoCharts
Dogecoin rises among the major altcoins
Altcoins were also flat, with the top ten cryptocurrencies according to market capital moving only 1% up or downward.
Related: Monero overcomes crypto market slump by launching a 10% XMR price rise — What’s next?
Comparable to last week’s time, Terra’s LUNA (Terra) and Solana(SOL), were the worst performers, with both nursing losses of about 18%.
Chart of 1-hour candle charts for DOGE/USD (Binance). Source: TradingView
Dogecoin (DOGE), which was immediately outside the top 10, gained 8.3% within 24 hours.
Perhaps even the option to pay in Doge
Elon Musk (@elonmusk), April 10, 2022
The DOGE/USD exchange rate reached $0.158 on April 6, marking the highest level since April 6. This was due to continued public attention from Tesla CEO Elon Musk. Musk suggested Twitter as a suggestion over the weekend. He bought shares in Twitter last week and accepted payments in DOGE.
com. You should do your research before making any investment or trading decision.