Bitcoin dips below $46K, as Elon Musk’s Twitter purchase propels Dogecoin to 2-month highs

The only source of delight for short-term crypto traders on Monday is collateral gains, as Bitcoin and most big assets remain flat. On April 4, Bitcoin (BTC) traded in a tumultuous environment as the Wall Street open failed to inspire positive momentum.

A near-term slump objective of $43,000 BTC has been set by a trader

 

BTC/USD dipped above and below $46,000 on Monday, according to data from Cointelegraph Markets Pro and TradingView, continuing a low-volatility few days.

The pair had managed to extend their winning streak to a second week approaching the yearly open in 2022, with analysts anticipating a breakout to $50,000 or even higher. However, as of this writing, there was still no hint of such an outcome, with Bitcoin trading in a narrowing low-timeframe trading range. “Bitcoin is not really clear to me; it could be because of a very quiet weekend, which is unsettling a little my view,” noted popular trader Crypto Ed in his latest YouTube update of the day.

Crypto Ed pointed out a falling diagonal resistance trendline, predicting a possible downturn as early as Monday, with Bitcoin reverting to $44,800 or deeper to roughly $43,000 if that does not hold. For the time being, he noted, the diagonal was keeping $50,000 out of reach. Scott Melker, a fellow trader and podcast presenter, was cautiously optimistic, noting that Bitcoin had been rejected at the 200-day moving average.

He tweeted on Monday, “Rejected at the 200, drifting down to $45,500; we should be moving up.”

“Let’s hope whales don’t decide to dump on us simply because there’s a conference going on.”

Melker was referring to the Bitcoin 2022 event, which will take place in Miami from April 6 to 9, and will bring together some of the most well-known figures in the Bitcoin community.

Following Musk’s $3 billion Twitter investment, Dogecoin is on the rise

 

On the day, Dogecoin (DOGE) led the pack among altcoins, outpacing all other cryptocurrencies courtesy to a typical publicity boost from Tesla CEO Elon Musk. Following the billionaire’s announcement that he had purchased a 9.3 percent interest in Twitter, making him the company’s largest shareholder, DOGE/USD was the clear winner in crypto, rising to nearly two-month highs.

Musk’s decision was prompted by a survey conducted on Twitter, in which slightly over two million people told him that the company’s “free speech values” were being violated.

Meanwhile, Musk’s direct involvement with the Dogecoin community has persisted on Twitter in recent days.

 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

Leave a Comment

Your email address will not be published.

Facebook
Twitter
Telegram

Recent Posts

Follow Us