The bigwigs at Bitfinex aren’t the only ones who see the present Bitcoin price as a purchasing opportunity. After bulls failed to trigger a late-week comeback, Bitcoin (BTC) moved near $42,000 on April 9.
Bitcoin has a weekly red candle that is up 10%
As the weekend began, data from TradingView showed BTC/USD slowly dissolving support levels that had been in place for several weeks.
After numerous attempts of $43,000, the pair ultimately gave up and fell to $42,131 on Bitstamp, its lowest level since March 23.
Cross-crypto liquidations totaled $200 million in the 24 hours to the time of writing Saturday, according to data from on-chain monitoring resource Coinglass. Bulls waiting for a rescue move felt the pain.
As a result, the short-term picture for traders was decidedly gloomy. Crypto Ed, a well-known commentator, predicted a retest of $40,000, but cautioned that Bitcoin might not stop there.
“I’m afraid we have to be ready for more decline and at least retesting 40k and maybe even lower as long as it doesn’t retake 44k or even better 45-46,” he told Twitter followers.
“Like I stated a week ago, I’m not trusting those moves up anymore.”
A chart with support levels between $40,000 and $37,500 suggested a projected multi-step downturn.
Meanwhile, the co-founders of on-chain analytics startup Glassnode, Yann Allemann and Jan Happel, highlighted the possibility for volatility due to decreased weekend market volumes.
— 𝗡𝗲𝗴𝗲𝗻𝘁𝗿𝗼𝗽𝗶𝗰 (@Negentropic_) April 8, 2022
In contrast to the previous week, Bitcoin’s weekly candle, which ended on Sunday, showed roughly $5,000 in losses, or nearly 10%.
Nothing can stop the whales of Bitfinex
Despite this, not everyone was seeking to leave. Bitcoin whales were busy buying up new supply from sellers, according to the latest statistics, with exchange Bitfinex seeing some substantial bid volumes being met.
— Credible Crypto (@CredibleCrypto) April 9, 2022
Another anonymous large-volume wallet continued to buy millions of dollars’ worth of BTC at regular intervals, independent of price movement, a method known as dollar cost averaging.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.