Bitcoin (BTC) showed signs of recovery from an overnight flight on April 1 after the March Ides overtook bulls at the last minute.
BTC/USD 1-hour candlestick chart (bit stamp). Source: TradingView
Bitcoin stands for “critical” moment
Data from Coin-Crypto Markets Pro and Trading Display showed that BTC/USD passed $45,500 during Wall Street’s opening on Friday.
The pair had fallen to nearly $44,000 in March’s month-end close, the slump fueled by a combination of macro factors and major portfolio moves.
European equities suffered on the day thanks to Russia threatening to cut off gas, while a vote by European Union lawmakers to ban “unhosted” wallets further soured the mood.
While the triggers failed to trigger a deeper retracement to $40,000, the triggers left Bitcoin behind its all-important annual open at $46,200 at the time of writing. This, in turn, opened the door for a return to the trading range that had been in place since early 2022, with the annual opening capped.
“If we should go down, I think it will happen from here,” trader Crypto Ed summarized with a chart showing bullish and bearish continuations.
#BTC update of video
If we are supposed to go down, I think it will be from here.
Bullish alternative in blue pic.twitter.com/xfx4euh7RP
— Ed_NL (@Crypto_Ed_NL) Apr 1, 2022
For popular material indicators of Twitter accounts, short time frames would tell the overall market trajectory.
Bitcoin had exited a rising wedge on the weekly chart, but nevertheless failed to maintain the 50-week moving average (WMA) as support.
“Bitcoin is in a pivotal position”, it wrote on the day.
“BTC bulls lost the 50 WMA, but managed to regain the R/S flip above the structure. Volatility is on both sides of the range. Looking at the rest tests.”
BTC/USD chart. Source: Material Indicators/ Twitter
April known not to disappoint
Unlike March, April has been a historically successful month for Bitcoin, which means this year has a lot to offer.
Related: Bitcoin ‘dormant’ for 7+ years moved just before BTC price fell 5%
According to data from on-chain analytics resource coin glassBTC/USD has never lost more than 3.46% in April, with a maximum gain of 50%.
Bitcoin monthly return chart (screenshot). Source: Coinglass
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