The price of bitcoin has been in a bearish trend since the beginning of April. At the beginning of the month, we were in the zone of about 47,000 dollars, and after that, the price started to withdraw.
The price of Ethereum continues its negative consolidation, retreating now below the $ 3,200 level.
Institutional and retail cryptocurrency sales have risen in recent days after Bitcoin failed to break above $ 45,000. A $ 25 million long bitcoin trading position was liquidated yesterday.
Bitcoin chart analysis
The price of bitcoin has been in a bearish trend since the beginning of April. At the beginning of the month, we were in the zone of about 47,000 dollars, and after that, the price started to withdraw. The first April pair started at $ 44,230; on April 4, we climbed to the $ 47,400 price, and after that, the price started in a bearish trend. First, on April 50, it fell below the $ 44,000 support zone, and this morning we also had a break below $ 42,000, the April low to $ 41,840. Also, the price made a break below the March trend line. The additional overall pressure is reinforced by the image that the price has fallen below all moving averages, and the MA200 moving average is very important to us. If the bearish pressure continues, we will probably see Bitcoin at a $ 40,000 price. The last time we were there was on March 18. The next lower potential support is around 38,000 dollars, and we may even test the March low at the $ 37,700 level. For the bullish option, we need a price return above the trend line and the MA200 moving average, as well as the $ 44,000 level. A potential additional resistance at that level is the MA50 moving average. Then our targets are the $ 45,000 level, then the $ 48,000 previous essential resistance zone.
Ethereum chart analysis
The price of Ethereum continues its negative consolidation, retreating now below the $ 3,200 level. The beginning of April was very bullish, and the price climbed to the $ 3580 level, but soon the situation reversed, and the price began to retreat. The first pullback was stopped at 3145 dollars, and the price has been moving until today in the side consolidation, range of 3150-3300 dollars. We currently have break prices below the previous low at the $ 31,445 level, and the price has dropped to $ 3,110. The MA20 and MA50 are now on the bearish side, while the MA200 is in the $ 3,000 level, maintaining psychological support. The price break below this support opens up space for us to the March 2,500 support zone. Before that, we had less potential support at the $ 2,800 level. The price needs to rise above the $ 3400 level and above the MA20 and MA50 moving average for the bullish option. After that, there is a chance to potentially test the zone at $ 3600 and for a potential break above. If we succeed, our target is the $ 3800 level zone.
Institutional and retail cryptocurrency sales have risen in recent days after Bitcoin failed to break above $ 45,000. A $ 25 million long bitcoin trading position was liquidated yesterday, according to data released by Coinglass.
On Monday, BTC’s market capitalization also fell below $ 800 billion. As for the weekly effect of BTC, the world’s largest cryptocurrency has lost almost 10% of its value. Despite growing institutional inflows during the first week of April, Bitcoin has failed to evade recent selling pressures.
Downward shifts support what has proven to be a significant trend in 2022 – that crypto-assets do not look immune to price increases. Moving at a similar pace in traditional stock markets such as the NASDAQ100, cryptocurrencies seem to be struggling in an environment of rising rates, ”said Simon Peters, market analyst at eToro, in a recent address.
Bitcoin is still trading in the upper half of its 2022 movements, which means that if it can keep it above $ 40,000, then confidence could return to the market. What is clear is that the global crisis of the past few weeks has led to excessive token purchases, and now the market is suffering the consequences.
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