• Bitcoin price dips lower again today, with pressure mounting on $45,261.84.
  • The BTC price looks heavy, but the overall picture reveals that the uptrend is still in good health.
  • Expect BTC price to dip further before rebounding and rallying towards $50,000.

Bitcoin (BTC) price looks to be under the control of some bearish pressure these past few days. It coincides with the correction that is happening as well in the equity markets, with Nasdaq leading in the losses. Investors are reshuffling their portfolio as a 50 basis point rate hike is back on the table after the FED signalled it would speed up its balance sheet runoff. Now investors and bulls appear to be awaiting better levels to reenter for the longer-term with Bitcoin set to test $50,000 in a matter of days.

Bitcoin price waits  for the right moment to blow up

Bitcoin price is under some downward pressure as investors are being shaken up by comments from Dovish FED member Brainard yesterday, who said that the FED will speed up its timetable and start earlier and quicker with the balance sheet runoff. This will trigger more headwinds for risk assets in the short-term and has led equities and cryptocurrencies to trade on the backfoot since the comments came out. A short pull back need not to be a bad thing, however, as a broader picture of the charts shows that the uptrend is still very much in play, and a better entry level will attract more investors and bulls to provide more room for the uptrend and to prolong its lifespan. 

BTC price will see either investors or bulls engage at $44,088.71, which some already did on April 1st, since $45,261.84 is undergoing some heavy selling pressure, and looks undoubtedly set to break, with only the bodies of the candles holding above, but the wicks breaking through already a couple of times. The aforementioned $44,088.73 also favours the monthly pivot supporting price action around $43,671.84. Should that level not hold, expect then to see a massive inflow at $39,780.32. This will likely make a break below $40,000.00 a ‘false break’ and investors rubbing their hands to be able to buy BTC price at such a huge discount. This should then jump start a swing-trade back up towards $48,760.92, to then pop above $50,019.29 and the monthly R1.

BTC/USD daily chart

BTC/USD  daily chart

The risk to the downside could be that BTC price remains under bearish pressure. If investors' buying power proves too weak on a break below $40,000, and they prove to be no match for the significant short position that sits behind BTC price action it could squeeze out investors quite quickly. Seeing them  cut their losses could see price action push back towards either $36,709.19 or even $32,649.28, putting Bitcoin price back in correction territory.

 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Dogecoin Price Forecast: Bulls deploy $355M in DOGE longs amid Gensler exit confirmation

Dogecoin Price Forecast: Bulls deploy $355M in DOGE longs amid Gensler exit confirmation

Dogecoin price crossed $0.40 on Friday, after a weeklong consolidation that saw DOGE tumble 13% from last week’s peak. Derivative market reports link the DOGE rally to Gary Gensler’s  imminent exit.

More Cryptocurrencies News
Crypto Today: XRP gains 10%, Cardano, XRP, and DOGE price rallies, delay Bitcoin’s $100K breakout

Crypto Today: XRP gains 10%, Cardano, XRP, and DOGE price rallies, delay Bitcoin’s $100K breakout

The global cryptocurrency sector pulled $230 million capital inflows on Friday, as markets reacted positively to news of SEC Chair Gary Gensler’s imminent exit.

More Crypto News
Cardano Price Forecast: ADA could rally by another 30% as on-chain data signals bullish sentiment

Cardano Price Forecast: ADA could rally by another 30% as on-chain data signals bullish sentiment

Cardano (ADA) surged 24% to $0.98 on Friday following rising weekly active addresses, increased open interest and spot buying pressure.

More Cardano news
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.

More Shiba Inu News
Bitcoin: Rally expected to continue as BTC nears $100K

Bitcoin: Rally expected to continue as BTC nears $100K

Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week. 

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP