Is this a bear market? Bitcoin dipped to $39K due to concerns related to rising inflation, the prospect of several more interest rates by the U.S. Federal Reserve, and fear of a global food shortage.
the following chart on April 10 highlighting the strong move in Bitcoin, but he also warned that “it’s the weekend and we still need to crack this resistance zone.”After the April 11 pullback, van de Poppe posted a follow-up tweet addressing the rejection at $43,000 and offering insight into what level to keep an eye on as the next support. According to the trader, “the green zone” in the $43,000 to $44,000 range would need to become a support to preserve any blossoming bullish momentum.
the following chart looking at the Bitcoin price action since April 2021. McKenna said that “this has been the weirdest bear market I’ve seen.”“I don’t even think we see sub $30,000, I’m more in favor of just choppy price action in this range which is also hell. Just need corn to chill and let my altcoins run.”the following chart highlighting the consolidation range Bitcoin has been trading in since last November.“Bitcoin consolidation continues [...] leverage is in control [...
A final bit of insight on the future of BTC price was provided by Philip Swift, markets analyst and founder of LookintoBitcoin, whoBTC/USD 1-day chart. Source: Twitter According to Swift, the 1-year MA “has acted as a pivot point for bull v. bear markets throughout Bitcoin’s history.”The overall cryptocurrency market cap now stands at $1.874 trillion and Bitcoin’s dominance rate is 41.4%.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
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