Bitcoin on April 13, 2022 – A reconquest that finally pays off?

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above average Bitcoin (BTC) regains color by crossing the symbolic level of $40,000. This re-conquest doesn’t mean bitcoin is ready to go higher and reclaim $46,000.

Bitcoin at $41,000: The Scenario to Avoid

Bitcoin price finally closed above $40,000 yesterday, April 12, 2022. HE IS Won $41,000 back and today, April 13, 2022, it rose to $41,540 on Bitfinex. bitcoin It trades at $41,166 at the time of writing and is currently seeing a daily gain of 4.08%.

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While Bitcoin is still trading below $41,000, Crypto trader Ed reiterated his predictions: Bitcoin will initially rise to $41,000, which will later increase to a higher level. Downside correction below $39,000.

Post by Crypto Ed – Source: excitement
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Still, Crypto Ed stated: This decline is preventable.If Bitcoin manages to stay above $40,500. Today’s closing level will already make it clear whether bitcoin has escaped this bearish pattern.

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Source: YouTube video by Crypto Ed

In a longer time frame, trader Rekt Capital shared a monthly bitcoin price chart highlighting that bitcoin is trying to hold its own. Above the $41,300 support. Rekt Capital closes the month above this level, predicting a “double confirmation” of a bottom around $43,100, which will be a fresh start. higher lowhigher low.

Fundamental support for Bitcoin (BTC) at $41,300 per month.
Rekt Capital Publication – Source: excitement

Analyst Kevin Svenson meanwhile was interested in the 600-day simple moving average – The blue line in the chart below. that would be average an important support line which has been retested recently.

600-day simple moving average for Bitcoin (BTC): key support line.
600-day simple moving average – Source: Cointelegraph / Twitter

Kevin Svenson pointed out that Bitcoin “has not closed a one-day candle below 600d/SMA since the COVID-19 crash.” This average has served as primary support for bitcoin “since mid-January 2022”. It is currently around $39,250.

Therefore, it is still too early to know whether the last drop below $40,000 was a simple breakout or a continuation of the downtrend. Bitcoin should confirm the current bullish strength with daily closes above $40,500.

Source From: Google News

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