Bitcoin (BTC), which was trading at $40,000, faced a new threat on April 8, as bulls were not saved in the short-term.
BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView
Bitcoin could be a $38,000 Suppor
Cointelegraph Markets Pro and TradingView data showed that BTC/USD was consolidating in a range of $44,000 before Friday’s Wall Street Open.
The volatility of the pair was lower after it fell from the 2022 highs. Analysts warned however that the next step would be to return to the established trading range for the year.
“BTC is currently trying to convert the $43,000.00 area into support. “If it fails to do so & $43K becomes resistance… BTC confirms a return to $38K-$43K range that was home to consolidation earlier in the year,” Rekt Capital, a popular analyst and trader, stated in his most recent Twitter update.
“Until then, retest in progress.”
Crypto Ed is also looking for a new leg down. He flagged a failed breakout attempt of $44,000 as a sign for possible bearish continuation.
#BTC You were warned pic.twitter.com/1BPi8yBRY6
— Ed_NL (@Crypto_Ed_NL), April 8, 2022
He also highlighted $40,000 as his next bearish target in a YouTube video update.
Rekt Capital offered a silver lining in BTC/USD preserving the 50-week exponential moving mean (EMA) following an earlier breakout. This was something that in times past had “preceded tremendous upside,” he stated.
BTC/USD 1-week Candle Chart (Bitstamp), with 50-week EMA. Source: TradingView
Bitcoin 2022 passes markets by
The ongoing Bitcoin 2022 conference was marred by a lackluster price performance. Despite numerous attention-grabbing speeches and announcements made by big industry figures, it failed to improve market sentiment.
Related: Bitcoin 2022: Thiel labels Buffett “sociopathic”, Mexican billionaire holds 60% of BTC
Peter Thiel, PayPal’s co-founder and CEO, grabbed the spotlight with a keynote speech where he mentioned Warren Buffett, ESG Movement and other names in a list that included U.S. “enemies” in Bitcoin.
He stated that if we had to sum up this, it would be the finance gerontocracy running the country through some silly hate factory term like ESG versus what they have as a revolutionary youth movement.
Cathie Wood, CEO of ARK Invest, doubled down on a prediction for Bitcoin costing $1 million by 2030.
The Wood-managed ARK Innovation ETF, (ARKK), traded lower than 34% year to date Friday. This is a significant underperformance of Bitcoin.
ARK Innovation ETF Chart (ARKK) vs. Bitcoin/USD chart. Source: TradingViewcom. You should do your research before making any investment or trading decision.