Bitcoin price headed toward $42,000 after bulls failed to spark a late-week turnaround

Bitcoin price slowly dissolves support levels in place for several weeks as the weekend begins. At the time of writing, BTC is changing hands at $42,761.

bitcoin-price-headed-toward-42000-on-april-9-after-bulls-failed-to-spark-a-late-week-turnaround

BTC/USD 4-hour chart | Source: TradingView

Bitfinex heavyweights are not the only ones who see current Bitcoin price levels as a buying opportunity

After several tests of $43,000, that area finally gave way for the pair to hit a low of $42,131 on Bitstamp, the lowest since March 23.

Bulls hoping for a rescue move have felt the pain, with a total of $200 million worth of cross-cryptocurrency liquidations in the 24 hours to press time on Saturday. Data from Coinglass Financial reports a supervisory resource on the confirmation chain.

bitcoin-price-headed-toward-42000-on-april-9-after-bulls-failed-to-spark-a-late-week-turnaround

Crypto liquidations chart | Source: Coinglass

For traders, the short-term outlook is therefore undoubtedly bearish. Prominent commentator Crypto Ed considered retesting $40,000 but warned that Bitcoin might not stop there.

The accompanying chart shows a multi-step downtrend forecast with support levels at $40,000 and $37,500.

bitcoin-price-headed-toward-42000-on-april-9-after-bulls-failed-to-spark-a-late-week-turnaround

BTC/USD annotated chart | Source: TradingView

In contrast to last week, Bitcoin’s weekly candle is set to close on Sunday, thus covering almost $5,000 in losses or 10%.

According to the latest data, Bitcoin whales are busy buying new supplies from sellers, with exchange Bitfinex noticing some notable bid volume filling.

This year, the importance of Bitfinex whales and their trading habits is really important. Another high-volume wallet of unknown origin also continues to buy millions of dollars worth of BTC at regular intervals regardless of price action – a strategy known as dollar-cost averaging.

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