After briefly surpassing $47,000, Bitcoin (BTC), fell to the Wall Street open April 5.
BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView
A trader emphasizes the importance of 200DMA in Bitcoin
Cointelegraph Markets Pro data and TradingView data showed that BTC/USD was under pressure at the opening of financial markets on Tuesday.
This meant that the pair was at or near the same level as 24 hours before, with volatility in the interim period.
In the midst of a lackluster direction, analysts and traders waited to see what would happen next to the largest cryptocurrency.
CivEkonom, a popular Twitter account, was positive and highlighted a $54,000 gap in CME futures as a target.
Talk about compressed and coiling up. He said that it should break apart, but you never know.”
Crypto Rover, a fellow account, noted the importance of the 200-day moving mean that Bitcoin was trying to break. He noted that in the past, significant price gains have been achieved by achieving this feat.
#Bitcoin retesting the 200d MA support for the first-time in 190 days! pic.twitter.com/UEifS92BfR
— Crypto Rover (@rovercrc), April 5, 2022
News that MicroStrategy purchased more than 4,000 BTC, while the market was not strong enough to sustain it, despite praise from commentators.
According to the firm, its Bitcoin treasury stood at 129.218 BTC, which is still the largest in the entire world. Cointelegraph reported that Terra’s plans to create a Blockchain protocol Terra would mean that the firm’s Bitcoin treasury will eventually surpass that of MicroStrategy, and all other Bitcoin whales.
nalyst eyes impressive Q1 close
Rekt Capital, an analyst and trader, found much to be excited about in Bitcoin at higher timeframes.
Related: Bitcoin retail FOMO has risen most significantly since 2017, but the BTC price could still be ‘doomed. Analyst
He declared Bitcoin’s Q1 candle a success in a series tweets Tuesday, even though its price at Q2 was practically the same.
#BTC – Quarterly Bitcoin has Quarterly Closed below the Mid-Range resistance for three consecutive Quarters But this past Quarter, $BTC managed to form an even Higher Low compared to the orange multi-Quarter Higher Low Very strong buy-side reaction from blue#Crypto #Bitcoin pic.twitter.com/H7i9bDDjOU
— Rekt Capital (@rektcapital) April 5, 2022
“What is interesting about BTC is that it is currently in the process to retesting the Quarterly Mid-Range region as support on the Weekly,” another post read.
Rekt Capital also signaled incoming volatility thanks to tightening the Bollinger Bands volatility indicator.
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