Global financial markets continued to face an uphill battle on April 7 after the US Federal Reserve made aggressive comments recently suggesting a rapid hike in interest rates as a measure to curb rampant inflation.
Data from Cointelegraph Markets Pro and TradingView shows that Bitcoin (BTC) price hit an overnight low of $42,744 following Fed comments and has since entered a consolidation pattern near the $43,500 support.
Here’s a look at what various analysts in the market are saying about the prospects for Bitcoin at this level, and what support and resistance zones to watch to move forward.
The bulls must hold the support at $43,100
Market analyst and pseudonymous Twitter user Rekt Captial discussed what’s next for Bitcoin, who, based on his past performance in this zone released The chart below highlights the importance of the $43,100 support level.
Rekt Capital said:
“If history repeats itself and BTC continues to hold the ~$43,100 level as support…then BTC could again enjoy upside potential of $40,000 and even $50,000.”
BTC and the NASDAQ
The correlation between Bitcoin and NASDAQ price movements has been highlighted in the chart below released by filbfilb, co-founder of trading suite DecenTrader, who noted that “since 2019, multiple sell-offs at all-time highs on NASDAQ have resulted in a sharp sell-off that BTC was also right about at the same time.” .
â€œWhat followed was a bullish reverse head and shoulders reversal, confirmed by testing 50 DMA and ATH on both Legacy and BTC; a possible scenario in the future”.
Further evidence has been provided by crypto analyst and pseudonymous Twitter user TAnalyst to support a possible imminent BTC breakout that released The chart below analyzes the price action of BTC when a jump occurs in the price oscillator.
The analyst said
â€œApril 2012 price oscillator bounce, then bull run. Price Oscillator in March 2020, then Bull Run. February 2022 Price Oscillator Bounce… I’ll tell you [dejo] you to finish.”
A breakout to $57,000 or a pullback to $36,000
The loss of support at $44,700 was “expected following the loss of this recent low,” according to crypto trader and Cointelegraph contributor Michaël van de Poppe. released The chart below shows the breakout from $46.881.
‘Currently on a large breakwater. If we hold that, all right, it looks like another stretch to $57,000. If we don’t, I’m looking at a test of about $36,000.
The global cryptocurrency market cap is now $2.015 trillion and the Bitcoin dominance rate is 41.2%.
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