Bitcoin on April 26, 2022: -50%?

Slope and dip – Bitcoin (BTC) drops to a level it hasn’t touched in almost a month and a half. What is the next key level that could reverse the downtrend that seems to be setting in for several months?

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Bitcoin at $38,000: The Bulls’ Defensive Strategy

Bitcoin Price Loses $40,000 Today, April 26, 2022, and Falls up to around 37,760 $ on Bitfinex. Bitcoin trades at $38,057 at the time of writing, and is currently recording a daily loss of 5.29%.

Does this fall put – already– end to the bullish scenarios issued a few hours earlier? Crypto trader Ed hoped a rebound around $39,500which would have not only taken bitcoin back to $40,000, but potentially as high as $42,800.

Publication of Crypto Ed – Source: Twitter

Trader Rekt Capital also expected further rises. He believed bitcoin “can dip” to around $39,500. He nevertheless pointed out that “the red diagonal on the RSI” in the chart below, “ suggests that this current rally is not over “.

Isn't bitcoin's (BTC) bull rally over yet?
Publication of Rekt Capital – Source: Twitter

The successful test of $39,500 was expected to allow bitcoin to “benefit from the continuation of the trend” up.

The bearish forecasts seem to stick much more to reality, however, than these hopes of a bullish rebound. Analyst Nunya Bizniz drew attention to the 20 and 50 week moving averages. The “slope” of the curves of these averages is “ turned negative for only the third time in bitcoin history. On the first two occasions, this event was followed by a downside correction of more than 50% for bitcoin price.

Towards a capitulation of more than 50% of the price of bitcoin (BTC)?
Publication by Nunya Bizniz – Source: Twitter

Investor Tuur Demeester who commented on this graph shared by Nunya Bizniz, validated this analogy. The bulls should now defend the $35,000 according to Tuur Demeester, to restore a bullish breath to the markets:

“If bitcoin could not capitulate this time and hold above $35k, that would be an incredibly bullish sign”

Tuur Demeester, however, foresees “ a slide down and 3 to 6 months of price recovery “, referring to” the weakness of global markets “to justify such a scenario.

The reclaim of $40,000 was apparently just a corrective bounce that was no good. The markets are now expecting a probable capitulation.

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