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Bitcoin whales are lining their pockets despite warnings that BTC price could fall below $40,000

Bitcoin (BTC) headed for $42,000 on April 9 after bulls failed to trigger a trend reversal late in the week.

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BTC/USD 1 Hour Candlestick Chart (Bitstamp). Source: TradingView

Bitcoin puts up a 10% red candle weekly

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD slowly dissolving for several weeks as the weekend started.

After multiple tests of $43,000, this area finally gave way to see the pair hit lows of $42,131 on Bitstamp, its lowest since March 23.

Bulls hoping for a bailout were feeling the pain, with cross-crypto liquidations totaling $200 million in the 24 hours to press time on Saturday, data from on-chain monitoring resource Coinglass confirmed.

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Crypto Liquidation Chart. Source: coin jar

For traders, therefore, the short-term outlook was clearly bearish. Popular commentator Crypto Ed eyed a retest of $40,000 but warned Bitcoin may not stop there.

“Until it reclaims 44k or better yet 45-46, I’m afraid we need to be prepared for further downside and retest at least 40k and maybe even lower,” he said warned Twitter followers.

“Like I said a week ago, I don’t trust these up moves anymore.”

An accompanying chart showed a predicted multi-level downtrend with support levels at $40,000 and $37,500.

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Annotated BTC/USD chart. Source: Crypto Ed/Twitter

Yann Allemann and Jan Happel, co-founders of on-chain analytics firm Glassnode, meanwhile, drew attention to the potential for volatility due to lower market volumes over the weekend.

In contrast to the previous week, Bitcoin’s weekly candle, which is due to close on Sunday, contained losses of almost $5,000, or almost 10%.

Nothing is stopping Bitfinex whales

Still, not all attempted an exit.

Related: Waiting for $40,000? Bitcoin’s critical level is already here, new research says

According to the latest data, bitcoin whales have been busy buying up fresh supplies from sellers, with exchange Bitfinex meeting some notable bid volumes.

Previously, Cointelegraph reported on the importance of Bitfinex whales and their buying and selling habits this year.

Another large volume wallet of unknown origin also continued to buy worth millions of dollars of BTC at regular intervals regardless of price action – a strategy known as dollar cost averaging.

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.