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April 9, 2022

Bitcoin Market Forecast 04/09

As the weekend began, data from Cointelegraph Markets Pro and TradingView showed Bitcoin slowly dissolving support levels that had been in place for several weeks.

After numerous attempts of $43,000, the pair ultimately gave up and fell to $42,131 on Bitstamp, its lowest level since March 23.

Cross-crypto liquidations totaled $200 million in the 24 hours to the time of writing Saturday, according to data from on-chain monitoring resource Coinglass. Bulls waiting for a rescue move felt the pain.

As a result, the short-term picture for traders was decidedly gloomy. Crypto Ed, a well-known commentator, predicted a retest of $40,000, but cautioned that Bitcoin might not stop there. A chart with support levels between $40,000 and $37,500 suggested a projected multi-step downturn.

Meanwhile, the co-founders of on-chain analytics startup Glassnode, Yann Allemann and Jan Happel, highlighted the possibility for volatility due to decreased weekend market volumes.

In contrast to the previous week, Bitcoin’s weekly candle, which was slated to close on Sunday, showed roughly $5,000 in losses, or nearly 10%.

Bitcoin whales were busy buying up new supply from sellers, according to the latest statistics, with exchange Bitfinex seeing some substantial bid volumes being met.

The significance of Bitfinex whales and their purchasing and selling habits this year was previously reported on by Cointelegraph.

Another anonymous large-volume wallet continued to buy millions of dollars’ worth of BTC at regular intervals, independent of price movement, a method known as dollar cost averaging.

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