Has the bitcoin market fallen again? Analysts respond

The price of bitcoin fell to its lowest level in a few weeks at $ 39,200 this morning, and given that the market has fluctuated in a similar way during this period, investors in this digital currency do not seem as surprised as before; But can this decline be accompanied by a deeper decline?

According to the Kevin Telegraph, the digital currency market fell again on April 11 (April 22) under the influence of macroeconomic factors. Factors such as concerns about rising inflation, the prospect of faster US bank interest rates and fears of global food shortages have affected other international financial markets in addition to digital currencies.

Traders managed to beat buyers yesterday at $ 42,000 and reduced the price of bitcoin to the lowest daily level of $ 39,200. However, many analysts predict that the price of the world’s largest digital currency may fall further in the short term.

Bitcoin price chart in 1-day review.
Bitcoin price chart in 1-day review.

However, analysts differ on the downward trend on Monday and early today, and in this report we will look at what these people have to say about whether we should expect more declines in the coming days.

Maintaining $ 40,000 in support is crucial to prevent further falls

Digital currency market analyst Michael van de Pope predicts a drop below $ 40,000 in his Twitter post on Sunday. In this post, he published his analysis of the recent bitcoin trend, highlighting the strong movement of this digital currency, adding that “we are still in the first week (AD) and we have to wait to break the resistance zone on the chart ). “

Bitcoin price chart in 4-hour view;  Analysis of the Van depot.
Bitcoin price chart in 4-hour view; Analysis of the Van depot.

Following Monday’s downward trend, Van Depp posted the following tweet, which indicated the loss of support at $ 43,000 and the levels that should be considered next support. According to him, the green zone in the range of $ 40,000 to $ 42,000 should be maintained as price support in order to remain on an upward trend.

The current downward trend is different

A decentralized financial analyst and DeFi expert on Twitter, nicknamed McKenna, cites a chart showing bitcoin prices from April 2021 (April 1400), confusing many digital currency traders over the past year. “The recent collapse was the strangest decline I’ve ever seen,” he wrote on Twitter with the chart below.

Bitcoin price chart in 1-day review;  McCanna analysis.
Bitcoin price chart in 1-day review; McCanna analysis.

McConaughey added:

I don’t think the price will fall below $ 30,000, and I think most of the variable prices in that range are very scary. I better stay calm and let my penises grow.

Another analyst on Twitter, using the username “360Trader”, expressed similar sentiments and published the following chart, which shows the stabilizing range of bitcoin prices from November 2021 (November).

Bitcoin price chart in 1-day review;  360 Trader Analysis
Bitcoin price chart in 1-day review; 360 Trader Analysis.

He said:

The Bitcoin trend continues to stabilize. Everything is under control and the downward trend will not last forever. Just be patient and determined.

Where is the next bitcoin price destination?

Philip Swift, a well-known analyst in the digital currency market and founder of the analytical website LookintoBitcoin, expressed his thoughts on the future of this digital currency. The graph below shows the recent breakout of bitcoin from the one-year moving average (MA – yellow line in the photo).

Bitcoin price chart in 1-day review;  Philip Swift's analysis
Bitcoin price chart in 1-day review; Philip Swift’s analysis.

According to Swift, this one-year moving average “acts as an important turning point in the history of bitcoin to reverse the downward and downward trend in the markets.”

He said:

Until we return to the upper one-year moving average, the recent trend cannot be called upward.

The Bitcoin market fell again? Analysts’ response came first in Digital Currency.

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