Bitcoin (BTC) headed for $42,000 on April 9 after bulls failed to trigger a trend reversal late in the week.
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.
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.
An accompanying chart showed a predicted multi-level downtrend with support levels at $40,000 and $37,500.
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.
— (@Negentropical_) April 8, 2022
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.
– Credible Crypto (@CredibleCrypto) April 9, 2022
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.
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https://cointelegraph.com/news/bitcoin-whales-fill-their-bags-despite-warnings-btc-price-could-fall-below-40k Bitcoin whales are lining their pockets despite warnings that BTC price could fall below $40,000