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Short-term Bitcoin price action once again feels like a different animal to bulls' high-timeframe conviction.
Bitcoin (BTC) faced a new threat of a dip below $40,000 on April 8 as short timeframes failed to rescue bulls.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
Bitcoin risks return to $38,000 support
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD consolidating in a range bounded by $44,000 prior to April 8âs Wall Street open.
The pair had reduced volatility after a comedown from 2022 highs during the week, but analysts warned that a return to the yearâs established trading range was a clear next step.
âBTC is in the process of trying to turn the ~$43,100 area into support. If it fails to do that & ~$43K turns into resistance⊠BTC will confirm a return to the $38 thousandâ$43 thousand range, which was home to consolidation earlier this year,â popular trader and analyst Rekt Capital summarized in his latest Twitter update.
âUntil then â retest in progress.â
Also eyeing a fresh leg down was Crypto Ed, who flagged a failed breakout attempt at $44,000 as a signal for potential bearish continuation.
#BTC
You were warned pic.twitter.com/1BPi8yBRY6â Ed_NL (@Crypto_Ed_NL) April 8, 2022
In a YouTube update on the day, he additionally highlighted $40,000 as the next logical bearish target.
Rekt Capital dealt a potential silver lining in the form of BTC/USD preserving its 50-week exponential moving average (EMA) after an earlier breakout â something that, in times past, had âpreceded immense upside,â he noted.
BTC/USD 1-week candle chart (Bitstamp) with 50-week EMA. Source: TradingView
Bitcoin 2022 passes markets by
The lackluster price performance accompanied the ongoing Bitcoin 2022 conference in Miami, which despite various attention-grabbing speeches and announcements from big industry names, failed to lift market sentiment.
Related:Â Bitcoin 2022: Thiel calls Buffett âsociopathic,â Mexican billionaire has 60% in BTC
PayPal co-founder Peter Thiel caught the limelight with a keynote speech in which he listed Warren Buffett, the ESG movement and others as among Bitcoinâs U.S. âenemies.â
âIf we had to summarize this in one frame, it is the finance gerontocracy that runs the country through whatever silly virtue-signalling/ hate factory term like ESG that they have versus what we have to think of as a revolutionary youth movement,â he told the audience.
ARK Invest CEO Cathie Wood, meanwhile, doubled down on a prediction that Bitcoin would cost $1 million by 2030.
The Wood-managed ARK Innovation ETF (ARKK) traded down over 34% year-to-date on April 8, heavily underperforming Bitcoin, itself.
ARK Innovation ETF (ARKK) vs. BTC/USD chart. Source: TradingView
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.