Bitcoin continues to hold above $40,000 after Wednesday’s bounce from prices near $39,000. Bulls are looking to break higher but face a stiff challenge at the key supply zone around $42K.
It’s looking weak for BTC but some analysts remain upbeat about short-term prospects. Here’s a brief recap of some analyst comments.
It’s a market in “fear” but…
Marcus Sotiriou, an analyst at UK-based crypto platform GlobalBlock says whales selling millions worth of BTC is “cause for concern” despite yesterday’s upward push from bulls.
Addresses holding more than 10K BTC have decreased after this past week’s selling. In that time, four whales sold $400 or more worth of Bitcoin – each!
Sotiriou told Invezz in emailed comments that although the four sales may look “insignificant” in the broader scheme of things, the immediate perspective could be something to watch out for.
This is an important metric to look at because whales typically have the power to control the direction of the market. I am still optimistic for the crypto market in the short term due to reaching extreme fear and negative sentiment.”
Bitcoin’s Fear and Greed Index today
The Fear & Greed index moved sharply towards the end of March, breaking from the 20s and 30s to hit 60 in days as BTC-USD rose to highs around $48,000. The recent declines have the market largely in a sell-off zone, though this could change if fresh triggers activate a buying spree.
The upside from below $40K could include a similar tick in sentiment as seen in March, with extreme buying pressure sending Bitcoin higher.
BTC-USD: What do technical indicators suggest?
On-chain analyst Lukasz Wydra thinks this is certainly the case. He points to Bitcoin’s technical picture on the daily chart and notes a short term break is likely. However, he thinks the bears are still too strong.
Bitcoin Stochastic RSI crashed to the bottom, now planning to recover. Bullish divergence on RSI and MACD, with MACD showing the first signs of a trend reversal. Momentum is turning bullish. In the short term, $BTC looks nice. In the longer term, it is still in a bearish formation.”
#Bitcoin Stoch. RSI crashed to the bottom, now planning to recover. Bullish divergence on RSI and MACD, with MACD showing the first signs of a trend reversal. Momentum is turning bullish. In the short term, $BTC looks nice. In the longer term, it is still in a bearish formation. pic.twitter.com/BvKK7FVz3K
— Lukasz Wydra (@lukasz_wydra) April 13, 2022
A ‘standard playing field’
Popular trader and crypto analyst Michael van de Poppe says a breakout to the upside is possible if bulls manage to turn $42K into support. Another breakout could have the first major barrier around $45K. If that doesn’t happen, van de Poppe says $40K could offer a crucial base for long-term trades.
“If we are looking at Bitcoin, it’s a pretty standard playing field here. Looking at the $42K barrier to break first, that would be a trend break. Otherwise, the $40K zone is the area where I’d want to check for longs.”
Ascending channel – that break could be sweet!
Pseudonymous Bitcoin trader GalaxyBTC says a bullish continuation pattern suggests new momentum is likely to push BTC above a key resistance line. The daily chart has the BTC-USD pair bouncing off the support line of an ascending channel, with bulls managing to fight off bears at the last dip below $40K.
I’m going to keep it as simple as possible. BTC is currently in an ascending channel / upward accumulation pattern. This is very bullish. $60k is coming next.”
He adds: “I don’t make the rules.”
What’s the BTC price today?
Bitcoin has retreated from highs above $41K again amid a potential retest of recent lows. The BTC-USD pair was trading around $40,560 at the time of writing.
The post Bitcoin price outlook for 14 April: Here’s what analysts are saying about BTC appeared first on Invezz.
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