Bitcoin (BTC) fooled no one with its criss-crossing $40,000 price on April 15 as traders remained risk-averse on BTC.
Bitcoin returns to 2022 Fib levels
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD recovering slightly after returning to the $39,500 zone on April 14.
The move erased an upside impulse move from earlier in the week and underscored the lack of bullish market momentum despite it all Conspicuous demand for Bitcoin among institutional buyers.
Popular trader Crypto Ed had reason to believe that more downside was about to follow. Current levels, he warned viewers in his latest YouTube update, are not a valid reason to go long.
“With the upcoming weekend, I would be very longing here,” he summed up.
In this case, BTC/USD reached around $40,400 before trading around $40,150 on April 15.
Market commentator Miles Johal, meanwhile, noted that the pair is now interacting with the 0.75 Fibonacci level, which has been a support function throughout 2022.
— Miles J Creative (@JohalMiles) April 15, 2022
United States financial markets were closed on Good Friday, sparing crypto traders from correlated price action.
Do you remember the super cycle?
Elsewhere, renewed excitement was brewing over the concept that Bitcoin is in what has been called a “super cycle.”
Related: Bitcoin bulls must reclaim $41,000 before Friday’s $615M BTC options expire
The previously popular concept revolves around viewing BTC price action as more than a product of its roughly four-year halving cycles.
This, some suggest, explains why the fourth quarter of 2021 — the year after Bitcoin’s last halving block subsidy — did not produce the “blow-off top” that was common in previous post-halving years.
Instead, BTC/USD could be in a consolidation phase right now, with most of its upside potential still to come.
“Interesting. Maybe we never got the blow-off top… because it hasn’t happened yet,” Josh Olszewicz, research director at alternative wealth management firm Valkyrie reacted.
The Supercycle comparison chart was original sent earlier this week on Twitter.
The views and opinions expressed herein 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 do your own research when making a decision.
https://cointelegraph.com/news/bitcoin-clings-to-40k-support-as-focus-returns-to-btc-price-supercycle Bitcoin is clinging to the $40,000 support as the focus returns to the BTC price “supercycle”.