Bitcoin breaks through the strong support and falls to the $ 39,000 USD area

The drop in the price of bitcoin to $ 39.2,000 pushes it into “bear market” territory.

The cryptocurrency market deteriorated on April 11 after fears of rising inflation, the prospect of far more interest rates from the Fed, and fears of a global food shortage led to widespread weakness in financial markets. global.

The data of Cointelegraph Markets Pro And TradingView shows that the bears broke through the support level at $ 42,000 USD in the early trading hours on Monday to send Bitcoin (BTC) at the daily low of $ 39,200 USD and several analysts are predicting even lower prices in the near term.

Bitcoin daily chart (BTC / USDT).

Source: TradingView

Here’s what analysts are saying about Monday’s drop and whether traders should expect further declines in the coming days.

cointelegrafic markets pro

Hold $ 40,000 or fall into a bear market

The drop below $ 40,000 was announced by market analyst Michaël van de Poppe, who posted the following chart on Sunday highlighting Bitcoin’s strong move, but also warned that “it’s the weekend and we have yet to break this zone of trading. resistence”.

Bitcoin (BTC / USD) 4-hour chart.

Bitcoin April 11, 2022
Source: Twitter

Following Monday’s retirement, van de Poppe posted a follow-up tweet discussing the rejection at $ 43,000 USD and offering information on the level to watch for next support. According to the trader, the “green zone” in the $ 43,000 to $ 44,000 USD range should become a support to preserve any upward momentum.

This bear market is “different”

Bitcoin daily chart (BTC / USD).

bitcoin price levels 11042022
Source: Twitter

An overview of the confusion mentioned by many traders crypto experience over the past year was provided by the decentralized financial advisor and trader using the Twitter handle “McKenna”, who posted the following chart examining Bitcoin’s price action since April 2021. McKenna stated that “this is was the strangest bear market I’ve ever seen.

McKenna wrote: “I don’t even think we are seeing less than $ 30,000 USD, I am more in favor of unstable price action in this range which is also hell. I just need corn to relax and get my altcoins running. “

A similar sentiment was expressed by cryptocurrency analyst and Twitter user “360Trader”, who posted the following chart highlighting the consolidation range in which Bitcoin has been trading since last November.

Bitcoin daily chart (BTC / USD).

btc / usd april 12, 2022
Source: Twitter

360Trader posted: “Bitcoin consolidation continues … leverage is under control … the float continues to dry up … It won’t last forever. Just apply a bandage and keep pushing. “

Where does the price of Bitcoin go from here?

A final look into the future of Bitcoin prices was provided by Philip Swift, market analyst and founder of LookintoBitcoin, who published the following chart showing the recent rejection of the price against the 1-year moving average (MA).

Bitcoin daily chart (BTC / USD).

price btc / usd 11 april 2022
Source: Twitter

According to Swift, the one-year MA “has acted as a pivot for bull markets versus bears throughout Bitcoin’s history. “

Swift posted: “I can’t really call this a bull market until we have convincingly returned to the 1-year moving average. “

The overall market cap of the cryptocurrency market is now $ 1.874 trillion, and Bitcoin’s dominance rate is 41.4%.

By Jordan Finneseth, Cointelegraph

Jordan Finneseth is a cryptocurrency enthusiast who has been involved in blockchain projects since 2017. He loves discussions surrounding the blockchain and its implications for the future of humanity.

The views expressed herein are those of the author only and do not necessarily reflect the views of Forex Quebec. Every investment and trading move carries risk, you should do your research when making a decision.

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Disclaimer: The information and opinions contained in this report are provided for general information purposes only and do not constitute an offer or solicitation relating to the purchase or sale of foreign exchange, CFD and cryptocurrency contracts. Although the information contained herein comes from sources believed to be reliable, the author does not guarantee its accuracy or completeness and assumes no responsibility for any direct, indirect or consequential damages that may arise from anyone who relies on such information.

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