Bitcoin battles for weekly close above $42K as LFG buys 4,130 more BTC

After a week of losses, Bitcoin (BTC), prepared for its lowest weekly close so far in April 10.

BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView

BTC: Traders “giving people a chance”

Cointelegraph Markets Pro and TradingView data showed that BTC/USD was at $42,700 on Sunday, with just hours remaining until the close of the weekly candle.

The pair fell into Wall Street trading on Friday. However, the weekend offered some calm and $42,000 support.

Popular analyst and trader Rekt Capital believes there is still reason to be optimistic despite losses of almost 10% in the past seven days.

This #BTC pullback offers a second chance to a lot people. If you made a promise that you would buy $BTC when it drops, and that you wouldn’t miss the next uptrend, do yourself a favor and follow your own advice#Crypto#Bitcoin
— Rekt Capital (@rektcapital) April 10, 2022

Rekt Capital highlighted three important moving averages being tested for support. They noted that historically, they had been bouncing off of them before “strong bullish momentum.”

He said that anything over $38000 was technically a macro higher low for BTC.

Cointelegraph reported that macro pressure was the main reason for the mood of doom throughout the week. However, concerns about the strength of the U.S. Dollar remained.

The next bull run will begin when the DXY is reached its maximum (which could happen soon). “And that one is going be an epic one,” Michael van de Poppe, Cointelegraph contributor, predicted. He also adopted a more optimistic perspective.

Blockchain protocol Terra, which was becoming a constant source of optimism, continued its BTC purchases Sunday with associated nonprofit Luna Foundation Guard (LFG), adding 4,130 BTC into its wallet.

BitInfoCharts, an on-chain monitoring resource, found that the wallet in question was 19th largest, with a balance at 39,897.98 BTC ($1.7 Billion).

Summary of LFG Bitcoin wallet data (screenshot). Source: BitInfoCharts

Dogecoin rises among the major altcoins

Altcoins were also flat, with the top ten cryptocurrencies by market capital moving only 1% up or downward.

Related: Monero overcomes crypto market slump by launching a 10% XMR price rise — What’s next?

Comparable to last week’s time, Terra’s LUNA (Terra) and Solana(SOL), were the worst performers, with both nursing losses of about 18%.

Chart of 1-hour candle charts for DOGE/USD (Binance). Source: TradingView

Dogecoin (DOGE), which was immediately outside the top 10, gained 8.3% within 24 hours.

Perhaps even the option to pay in Doge
Elon Musk (@elonmusk), April 10, 2022

The DOGE/USD exchange rate reached $0.158 on April 6, marking the highest level since April 6. This was due to continued public attention from Tesla CEO Elon Musk. Musk suggested Twitter as a suggestion over the weekend. He bought shares in Twitter last week and accepted payments in DOGE.

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Eileen Wilson

Eileen Wilson –Technology and Energy My Name is Eileen Wilson with more than 5 years of experience in the Stock market industry, I am energetic about Technology news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of topmagazinewire.com with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Technology and Energy category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.

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