Bitcoin price was trading at about $38,400 but approximately where it started the weekend

Bitcoin price was recently trading at around $38,400, up 2.2% over the past 24 hours but roughly where it started at the weekend. Bitcoin ended April 17% down, the worst month of 2022 for crypto. At the time of writing, BTC is changing hands at $38,450.


BTC/USD 4-hour chart | Source: TradingView

Bitcoin price returned to where it started the weekend

This weekend, Bitcoin investors continued their recent downbeat mood amid ongoing macroeconomic uncertainty and a widely expected central bank half-point interest rate hike. United States this week.

“In the first two hours of Monday crypto trading (UTC), Bitcoin’s network is seeing a massive 12.5 to 1 ratio of transactions in profit vs. transactions in loss territory. Traders’ confidence in BTC regaining the $40k mark appears slim”, Santiment reported.


Source: Santiment

Bitcoin is testing support around its 100-week moving average, although upside momentum has slowed over the past month. The cryptocurrency could remain in a broad trading range until a decisive breakout or breakdown occurs.
This month, BTC is on track for an 18% decline and is down about 40% from its all-time high of around $69,000 reached in November of last year.

Most technical indicators are neutral on the daily and weekly chart and bearish on the monthly chart. That could increase the risk of a price breakdown, especially if support at $37,500 fails to hold.

A series of higher price lows since Jan. 24 has supported buying activity on dips. Still, resistance at $46,710 has capped rallies over the past three months.
For now, BTC is on the watch for a countertrend reversal signal next week, per the DeMARK indicators, which typically precedes a brief upswing in price.

Ether also follows a similar weekend pattern and is trading at around $2,840, up about 3.9% from the previous day but little changed from late Friday. Most of the other major cryptocurrencies have rallied recently. Terra and SOL luna tokens have grown by more than 5% and 7%, respectively, at one point. The popular meme coin DOGE is up nearly 6%. Trade is light as usual at the weekend.

The overall cryptocurrency market cap stands at $1.741 trillion, and Bitcoin’s dominance rate is 42.2%.

Read more:

Join us on Telegram

Follow us on Twitter

Follow us on Facebook

You might also like