Victory of the Bears – While the price of bitcoin (BTC) opened the day above $42,000, it loses $40,000 and drops to about $39,550 on Bitfinex today, April 11, 2022. Bitcoin is trading at $39,950 at the time of writing this article, and is currently posting a significant daily loss of 7.37%.
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Bitcoin Below $40,000: Next Stop $30,000?
Analysts Believe Bitcoin Is Going Down reduction of the US Federal Reserve’s balance sheet† This move by the FED to contain inflation could diminish the attractiveness of bitcoin and other risky assets. Decentrader co-founder, filbfilb, believes that this FED action even weigh on bitcoin’s price “for months to come”†
Bitcoin Also Returns Below $40,000, As The US Dollar (DXY) exceeds the limit of 100 for the first time since May 2022. Is this dollar appreciation permanent or temporary? In any case, the rise of the DXY seems to have a clearly visible negative effect on the price of bitcoin.
What are the next bitcoin price floors? Trader Michaël van de Poppe defines the $38,000 as an important levelaround $40,000 after this support break.
Crypto trader Ed shares a scenario with the price of playing bitcoin the roller coaster the next few days† He expects bitcoin’s initial pullback to around $41,000, which would then be followed by a drop to $39,850. The next bounce would then result in a Get $44,200 and more backfollowed by a drop to $39,000.
Could Bitcoin Really Get Above $44,000 In The Very Short Term? Trader Rekt Capital shared a daily chart of the bitcoin price, showing that the cryptocurrency is trading below the Pi Cycle indicator. The latter now acts as a new resistanceas in December 2021”.
The Pi Cycle Top indicator, which uses the 111-day moving average, has been used to determine when the price of bitcoin will reach the peaks of market cycles within three days. Should we then deduce that bitcoin has been introduced? a continuing downward trend †
In any case, some forecasts are very pessimistic. BitMEX CEO Arthur Hayes has noted in its April 10, 2022 message that bitcoin should test the $30,000 “by the end of the second quarter in June of this year”.
The FED has therefore not only succeeded in: breaking key support at $46,000 for bitcoin† It also cracked the $40,000 and thus could have initiated the bearish move towards $30,000.
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