Autor Cointelegraph By William Suberg

Bitcoin (BTC) held on to fresh gains on April 14 after a rebound in line with Wednesday’s Wall Street open flipped the mood.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView$40,500 now the level to holdData from Cointelegraph Markets Pro and TradingView showed BTC/USD still trading above $41,000 Thursday, having reclaimed the $40,000 mark during the move higher.“So far so good, I expected a move to 41k but I doubt about going for an extra leg down to the green box (blue),” popular trader Crypto Ed commented overnight alongside a chart with near-term price targets. “Coming hours a bit more up, followed by a correction. Retest of 40.5k and when that holds, we’ll go for 42-43k (white). Lose 40.5k and we’ll go for green box.”BTC/USD chart. Source: Crypto Ed/ Twitter$40,500 showed no signs of falling at the time of writing, with volatility ebbing into Thursday and Bitcoin seeing no major threat to its bounce.Zooming out, others took the opportunity to argue that despite the lack of bullish sentiment, Bitcoin itself was far from bearish this year.#Bitcoin has been in an uptrend on the daily time frame for nearly 3 months: pic.twitter.com/N3EVgVsj27— Matthew Hyland (@MatthewHyland_) April 13, 2022The lower the time preference, the less cause for panic — year to year, fellow analyst TechDev demonstrated, Bitcoin had more than a passing resemblance to traditional market behavior, even after dropping over 50% from November’s all-time highs.In focus this month was a similar chart pattern between Bitcoin now and the Dow Jones from the start of the 1990s.”Times change. Assets change. Macro aggregate human behavior usually doesn’t,” TechDev summarized. Bitcoin’s stocks correlation is nonetheless a cause for concern for some, with a drawdown tipped to impact price significantly.Exchange withdrawals heat upFor Blockware lead insights analyst William Clemente, meanwhile, there were other reasons to keep the faith.Related: Price analysis 4/13: BTC, ETH, BNB, SOL, XRP, ADA, LUNA, AVAX, DOT, DOGECryptocurrency exchanges were losing BTC reserves at a rate rarely seen before, he noted Wednesday, implying that any rise in demand would compete with a rapidly-dwindling supply, boosting price performance further.“On only 3 other occasions have we ever seen Bitcoin withdrawn from exchanges at this rate,” he wrote alongside data from on-chain analytics firm Glassnode.Glassnode’s net position change indicator tracks both upwards and downwards changes in balances on 18 exchanges.Exchange net position change annotated chart. Source: William Clemente/ TwitterExchange withdrawal spikes are a much debated phenomenon, and excitement among pundits has increased this year in line with accelerating demand.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Bitcoin (BTC) saw a welcome break from downside at the Wall Street open on April 13 as United States equities opened in the green.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewSub-$39,000 BTC price target remainsData from Cointelegraph Markets Pro and TradingView showed BTC/USD climbing to local highs of $40,965 on Bitstamp as trading began on April 13, its best in over 24 hours.After a frustrating rangebound period, volatility to the upside was a relief for support levels previously in danger of collapsing.Traders, however, were not overly optimistic, having eyed lower entry levels for a potential long position.looking as 39500 / 39k for long area— EliZ¥ (@eliz883) April 13, 2022As Cointelegraph reported, popular trader Crypto Ed was also risk-off in tone on the day, previously forecasting a relief bounce before a deeper correction under $39,000.”I expect a move, let’s say, towards $41,000 and then I think most likely we do get that extra leg to the downside,” he said in a YouTube update published subsequently. Ed added that the scenario would be invalidated should BTC/USD manage to hold above the $40,500 mark. At the time of writing, the pair was continuing to move towards the $41,000 target.Video was made >2hrs ago, so I’m adding 1 more short term alternative here which is only a small detail:I do expect that move to red box, but in case we go down from here, BTC is doing that blue pattern. Doesn’t change the bigger picture pic.twitter.com/3swJrppDlt— Ed_NL (@Crypto_Ed_NL) April 13, 2022

Macro triggers remained familiar, these coming in the form of inflation after April 12’s U.S. Consumer Price Index (CPI) readout of 8.5% for March, its highest since 1981. In the United Kingdom, the CPI quickened to 7%, a 30-year high, according to figures from the Office for National Statistics.Sentiment on the move from 6-week lowsTraders seemed prepared for the bounce, with data showing modest position liquidations for both longs and shorts over the past 24 hours.Related: BTC stocks correlation ‘not what we want’ — 5 things to know in Bitcoin this weekThe dip below $40,000 had conversely cost market participants dearly, with liquidations passing $500 million fueled by longs.Crypto liquidations chart. Source: CoinglassAt the same time, sentiment was rising, as calculated by the Crypto Fear & Greed Index, this having reached 20/100 or “extreme fear” on April 12. Such a low sentiment score was last recorded in late February.Crypto Fear & Greed Index (screenshot). Source: Alternative.meThe views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Bitcoin (BTC) is keeping traders on the edge of their seat this week as support levels come close to breaking.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewTraders line up targets below $40,000Data from Cointelegraph Markets Pro and TradingView shows that lines in the sand below $40,000 barely remain intact after multiple retests.The $40,000 mark has been working overtime in recent days as Bitcoin’s macro-fueled downtrend continues to play out. Falling in line with tech stocks, BTC/USD has erased almost all of its gains from the second half of March. Now, the $30,000-$40,000 corridor has appeared as a short-term target once again, and may see Bitcoin stage a replay of its behavior from Q1 this year.Support levels of interest include one from last month’s push higher, $39,600, which bulls are just about managing to defend despite several crossings lower.$BTC levels for now are still 45.5, 42, 39.6— The Wolf Of All Streets (@scottmelker) April 11, 2022Below that, whale buying zones could act as a safety net, on-chain monitoring resource Whalemap noted Tuesday. Popular trader Crypto Ed meanwhile is eyeing $38,600 as a short-term bounce area, underscoring the mixed consensus over just how far Bitcoin could fall.As Cointelegraph reported, Arthur Hayes, ex-CEO of derivatives platform BitMEX, expects the largest cryptocurrency to trade at $30,000 in June.On longer timeframes, analyst Kevin Svenson meanwhile eyed the 600-day simple moving average (SMA) as a key support line now being retested in what could be a significant event. “BTC has not closed a daily candle below the 600d/SMA since the COVID-19 crash,” he noted. “The 600d/SMA has also been the main support for this range since mid-January. $39,250 is where 600d/SMA is at the moment.”BTC/USD chart with 600-day SMA. Source: Kevin Svenson/ TwitterTerra keeps buying but loses $96 millionFor the newest bigtime Bitcoin buyer on the block, however, it is business as usual.Related: Bitcoin spikes with stocks as US inflation hits highest since 1981Data from its wallet confirms that the Luna Foundation Guard (LFG), the nonprofit organization attached to Blockchain protocol Terra, added another 2,500 BTC ($100.4 million) to its reserves Wednesday.This means that Terra now owns 42,400 BTC ($1.704 billion) — just 800 BTC less than Tesla’s corporate treasury allocation.The purchases have so far come at a price. From being nearly $200 million in profit on its stash, Terra is now nearly $100 million in the red thanks to the latest Bitcoin price dip.Its wallet is the 18th largest on the Bitcoin network, and as Terra co-founder Do Kwon confirmed, its contents are set to grow “in perpetuity” as the firm seeks to back the expanding supply of its TerraUSD (UST) stablecoin.LFG wallet data (screenshot). Source: BitInfoChartsThe views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.