Bitcoin April 11, 2022 – In full free fall

Victory of the bears – As the price of bitcoin (BTC) opened the day above $ 42,000, it lost $ 40,000 and fell to around $ 39,550 on Bitfinex today, April 11, 2022. It is trading at $ 39,950 in the time to write this writing and currently has a significant daily loss. of 7.37%.

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Bitcoin under $ 40,000 – the next $ 30,000 stop?

Analysts believe bitcoin is being tested reduction of the balance sheet of the US Federal Reserve. This move by the Fed to try to control inflation could reduce the attractiveness of bitcoin and other risky assets. Decentrader co-founder filbfilb believes that this Fed action could even weigh the price of bitcoin “for the coming months”.

Bitcoin also falls below $ 40,000 when the U.S. dollar (DXY) crosses the 100 mark for the first time since May 2022. Is this appreciation of the dollar permanent or temporary? The rise of the DXY seems, in any case, to have a clearly visible negative impact on the price of bitcoin.

What are the next minimum prices for bitcoin? Merchant Michaël van de Poppe defines $ 38,000 as a key levelafter this support break around $ 40,000.

Published by Michaël van de Poppe – Source: Twitter

Meanwhile, cryptocurrency trader Ed shares a scenario with the price of bitcoin the roller coaster in the coming days. Expect a first bitcoin bounce to $ 41,000, which would then be followed by a drop to $ 39,850. The next bounce would result in aa recovering $ 44,200 and morefollowed by a drop to $ 39,000.

Next roller coaster for bitcoin (BTC).
Crypto Ed Post – Source: Twitter

Can Bitcoin Really Return Above $ 44,000 in the Very Short Term? Trader Rekt Capital shared a daily chart of the price of bitcoin, to show that the cryptocurrency is trading below the Pi cycle indicator. The latter now acts as a new resistanceas in December 2021 ”.

Pi Cycle Top as resistance to the price of bitcoin (BTC).
Rekt Capital publication – Source: Twitter

The Pi Cycle Top indicator, which uses the 111-day moving average, has been used to determine when the price of bitcoin hits market cycle peaks in three days. Then we should deduce that bitcoin came in a downward trend ?

Some forecasts are, in any case, really pessimistic. BitMEX CEO Arthur Hayes stated in his April 10, 2022 post that Bitcoin should try the $ 30,000 “at the end of the second quarter of June this year.”

Therefore, the Fed will not only be able to break the significant support of $ 46,000 for bitcoin. It also broke $ 40,000 and therefore could have started the $ 30,000 bearish move.

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