Exactly a week ago shot bitcoin (BTC) from $44,500 to $47,000 and touched $48,000 on Monday. It was up almost 8% and until Thursday the price held above USD 47,000. However, bitcoin then made a big dive.
This pullback was already expected by many analysts. Yet it also coincided with negative news. Around the same time, Russian President Putin announced that he only wants Russian rubles for gas, while sanctions are pending against Russian banks. Also came out around the same time that Europe voted for a new worrying law approximately unhosted wallets.
Bitcoin price drops by 0.5%
From bitcoin price then fell about 6.5%, dipping all the way to $44,350 Friday morning. Nevertheless, the price immediately made a rebound, but bitcoin is not yet able to fully recover. On Friday evening, bitcoin came in at $46,500 and yesterday the price touched almost $47,000.
However, yesterday afternoon, bitcoin was rejected and started to fall again. At first, bitcoin seemed to find enough support around USD 46,250, but the price dropped to USD 46,000 a few hours later and even briefly dipped to USD 45,800.
Bitcoin was then able to recover slightly, but support around USD 46,250 had now turned into resistance and bitcoin was rejected again. The price then briefly dipped to $45,650, but was able to rise again this morning.
This time, bitcoin broke through $46,250, but was rejected at $46,500 and is currently falling back to $46,250. KuCoin and €41,900 on Bitavo† This means that the price is currently 0.8% in the negative.
What can we expect from BTC next week?
It seems that bitcoin may be finding enough support here. However, should bitcoin not hold out, we may see another pullback before bitcoin tests the $48,000 again. It is possible that bitcoin will fall even deeper this time and we will see a retest of the area between USD 40,000 and USD 43,000.
$ BTC – It never likes to behave during weekends. This is only on the lower time frame but it looks like a 30 minute bearish re-test. Would rather it just get it over with already then we can go back to the fun. pic.twitter.com/tNDGtxAOT4
— IncomeSharks (@IncomeSharks) April 2, 2022
Should bitcoin nevertheless remain above $45,000-$46,000, there is a good chance that we will see a retest of the $48,000 next week. After that, the $50,000 may soon be next and the price could rise quickly. Whether bitcoin has enough momentum to break through this time, however, remains to be seen. It is even possible that bitcoin is briefly entering a consolidation phase in this range.
HODL’ers still provide a solid foundation. Analyst Will Clemente reports that no less than 63.15% of BTC’s total supply has not moved in more than a year. That’s a very bullish sign for the course:
63.15% of Bitcoin’s supply has not moved in at least 1 year.
This is just 0.3% shy of an all-time high. pic.twitter.com/zfcMDrSeGh
— Will Clemente (@WClementeIII) April 2, 2022
However, several analysts have noticed that even older BTC are starting to move. That could create sales pressure and according to Cole Garner it could even be a sign of a local top. Still, there seems to be a lot of hope for the month of April, a historically strong month for the price.
Very old coins are on the move.
This signal has a track record of preceding local tops. #BTC pic.twitter.com/oPvIITWRdO
— Cole Garner (@ColeGarnerXBT) April 2, 2022
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#Bitcoin #BTC Retweet is appreciated!
This chart consists of the #BTC‘s market cap, Realized cap, and its 30-day rate of change. As you can see the ROC(purple) has turned negative during/late bear markets and when it turned positive the Bullrun has started and BTC has soared.👇🏿 pic.twitter.com/YDdsASZAuT— Shayan.₿TC 🏳️🇺🇦 (@greatest_trader) April 3, 2022
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