This is When Bitcoin Traders Can Expect BTC Price Reversal! Here Are Watch Levels
Bitcoin (BTC) and major altcoins have fallen along with stock markets this year as investors brace for a more hawkish Federal Reserve. At Press time Bitcoin price is facing resistance near $39,200, while Ethereum (ETH) Price is still below $3k.
A few altcoins are up over 5% Out of these, TRX and FTM are the two best performers among the top 100 crypto assets by market capitalization today.
BTC Price Action
BTC/USD has moved in a range of $37,585.79 to $38,627.86, exhibiting significant volatility.
We can observe Bitcoin price action retracing about 3.5 towards the prior support area on the 4-hour chart, implying that more downside is on the way.
On April 28, 2022, the retracement made a new lower high near $40,000. Since then, BTC has steadily declined, reaching a new low of $37,500 overnight.
This morning, the reaction was higher, returning to the prior support area of $38,700. As a result, we may expect BTC/USD to start the next week with fresh lows being tested if more upside is not witnessed.
Bullish Reversal soon?
If on-chain measures are any indicator, Bitcoin (BTC) may be on the verge of a bullish reversal, according to popular crypto analyst Michal van de Poppe.
The analyst informs his 589,000 Twitter followers that Bitcoin’s hash rate has reached a new all-time high, which has historically signaled the start of BTC rallies.
He says, While a crypto prohibition is in effect, the Bitcoin hash rate has reached an all-time high. This indicates that demand for Bitcoin mining is growing, the network is becoming more secure, and the price will eventually follow suit.
#Bitcoin hash rate has reached an all-time high, while Crypto ban has been taking place. This shows that the demand for mining #Bitcoin is increasing, the network is getting safer and eventually, the price will follow this metric. — Michaël van de Poppe (@CryptoMichNL) April 29, 2022
In a new strategy session, Van de Poppe suggests that a break of either $38,000 or $40,500 could anticipate BTC’s price behavior in the coming days.
He is has been long Bitcoin since $39,000, and actually looking for longs on altcoins a little bit more at this point if BTC Price is going to hold a significant support level, which is the $39,000 zone.
If we breach $40,500, I believe the next level to consider is around $43,000, where liquidity is available, and $43,2000, which is a move of almost 10%, he added.
Given Bitcoin’s sideways, low-volatility price movement, the analyst believes a strong impulse wave is on the way. Because the US dollar index (DXY) is poised for a correction, he believes a break to the upside rather than the fall is more plausible.Source