Short-term Bitcoin price action once again feels like a different animal to bulls’ high-timeframe conviction.
Bitcoin (BTC) faced a new threat of a dip below $40,000 on April 8 as short timeframes failed to rescue bulls.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
Bitcoin risks return to $38,000 support
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD consolidating in a range bounded by $44,000 prior to Friday’s Wall Street open.
The pair had reduced volatility after a comedown from 2022 highs during the week, but analysts warned that a return to the year’s established trading range was a clear next step.
“BTC is in the process of trying to turn the ~$43,100 area into support. If it fails to do that & ~$43K turns into resistance… BTC will confirm a return to the $38K-$43K range which was home to consolidation earlier this year,” popular trader and analyst Rekt Capital summarized in his latest Twitter update.
“Until then – retest in progress.”
Also eyeing a fresh leg down was Crypto Ed, who flagged a failed breakout attempt at $44,000 as a signal for potential bearish continuation.
#BTC
You were warned pic.twitter.com/1BPi8yBRY6
— Ed_NL (@Crypto_Ed_NL) April 8, 2022
In a YouTube update on the day, he additionally highlighted $40,000 as the next logical bearish target.
Rekt Capital dealt a potential silver lining in the form of BTC/USD preserving its 50-week exponential moving average (EMA) after an earlier breakout — something which in times past had “preceded immense upside,” he noted.
BTC/USD 1-week candle chart (Bitstamp) with 50-week EMA. Source: TradingView
Bitcoin 2022 passes markets by
The lackluster price performance accompanied the ongoing Bitcoin 2022 conference in Miami, which despite various attention-grabbing speeches and announcements from big industry names failed to lift market sentiment.
Related: Bitcoin 2022: Thiel calls Buffett ‘sociopathic,’ Mexican billionaire has 60% in BTC
PayPal co-founder Peter Thiel caught the limelight with a keynote speech in which he named Warren Buffett, the ESG movement and others in a list of Bitcoin’s U.S. “enemies.”
“If we had to summarize this in one frame, it is the finance gerontocracy that runs the country through whatever silly virtue-signalling/ hate factory term like ESG that they have versus what we have to think of as a revolutionary youth movement,” he told the audience.
ARK Invest CEO Cathie Wood meanwhile doubled down on a prediction that Bitcoin would cost $1 million by 2030.
The Wood-managed ARK Innovation ETF (ARKK) traded down over 34% year-to-date Friday, heavily underperforming Bitcoin itself.
ARK Innovation ETF (ARKK) vs. BTC/USD chart. Source: TradingView
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