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 Every investment and trading move involves risks, you should do your own research when making a decision.

Leave a Comment