Bitcoin price traded in an uncertain territory as the Wall Street open failed to unleash bullish continuation
Bitcoin price trading in an uncertain territory at the open of Wall Street failed to generate a bullish continuation.
BTC/USD 4-hour chart | Source: TradingView
The trader has a short-term $43,000 Bitcoin price drop target
BTC/USD plunged above and below the $46,000 mark on April 4, continuing a few days of low volatility. The pair has managed to hit a second week near 2022 open every year, with analysts having hoped for a breakout to $50,000 or even beyond.
However, there is still no sign of such an outcome at the time of writing, while Bitcoin is stuck in an increasingly narrow low time frame trading range.
Highlighting a bearish crossover resistance trendline, a potential pullback could occur as early as April 4, leading to Bitcoin reversing to $44,800 or deeper to near $43,000. The diagonal is keeping $50,000 out of reach at the moment.
In terms of cryptocurrencies, this bundle is led by Dogecoin (DOGE) on the day, outperforming all major cryptocurrencies, thanks to a classic public push from Tesla CEO Elon Musk. After the billionaire revealed that he bought a 9.3% stake in Twitter, making him the largest shareholder in the company, DOGE/USD is the clear beneficiary in the cryptocurrency, rising almost to the highest in two months.
DOGE/USD 4-hour chart | Source: TradingView
Musk’s move was the result of a survey held on Twitter in which just over two million respondents told him that “free speech principles” were not upheld by the company.
The consequences of this poll will be important. Please vote carefully.
— Elon Musk (@elonmusk) March 25, 2022
Meanwhile, other Twitter activities continue Musk’s direct interaction with the Dogecoin community in recent days. Over the past week, the influx of money into altcoins has underscored an increased appetite for what online chain analysis firm Glassnode calls “riskier” altcoins.
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