Bitcoin Fights For Support As BTC Price Loses $46K Annually

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.

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

The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Coin-Crypto.com. Every investment and trading move involves risks, you should do your own research when making a decision.

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