Turn the dollar – Bitcoin (BTC) is currently escaping the worst bearish scenario that puts its price at $ 35,000 or even $ 30,000. It even manages to go up a symbolic level. Are all the lights green for the oxen?
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Bitcoin at $ 40,000: The dollar lockout remains strong
The price of bitcoin amounts to about $ 40,365 at Bitfinex today, April 28, 2022. However, it is struggling to stay above $ 40,000. Bitcoin trades at $ 39,890 at the time of writing this article, and is currently experiencing a daily gain of 1.98%.
Are markets witnessing the start of a bullish recovery? The rise of bitcoin could be stopped by the US dollar (DXY) which reached its highest level since 2002 – or more than 20 years.
Trader Michaël van de Poppe specifies that a bearish investment in the dollar is needed for bitcoin to “do very well.”
At the same time, it offers a $ 43,000 testif the support around $ 38,700- $ 39,000 “is for Bitcoin”.
Cryptography trader Ed is more cautious in his predictions. In fact, he expects “a strong break and a $ 40.6 thousand recovery before “considering higher goals”. He notes that “graphics” are currently “mostly downward-oriented.” In terms of “liquidity,” Crypto Ed believes that “upward pressure” will “drive out the shorts.”
But what if the opposite happens and we see that the price of bitcoin crashes instead of recovering the previous key levels above $ 40,000? Whale map analysts point $ 25,000 – $ 27,000 as land to see, based on a bitcoin price map. This price range would be “the perfect place to invest in bitcoins if we never get there.”
Therefore, the markets are waiting for a bearish investment of the dollar, to expect to witness a bullish investment of bitcoin. Recovering $ 40,000 could be a bullish signal, or just a rebound in the big red candle markets of two days ago.
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