Bitcoin (BTC) traded in undefined territory on April 4 when the Wall Street open failed to lead to a bullish continuation.
BTC/USD hourly candlestick chart (bit mark). Source: Trading View
Trader gives $43,000 BTC short term lower target
Data from Cointelegraph Markets Pro and TradingView showed that the BTC/USD pair fell above and below the $46,000 mark on April 4, and low volatility persists for several days.
The pair managed to close another week close to the annual opening in 2022, with analysts already hoping for an eruption of $50,000 or more.
But at the time of writing, there is no sign of such an outcome, while Bitcoin is stuck in an increasingly narrow trading zone with a smaller time frame.
“Bitcoin is not entirely clear to me; this may be due to a very slow weekend, which is a little annoying in my opinion,” summed up renowned crypto trader Ed in his last YouTube update of the day.
Highlighting a descending diagonal resistance line, Crypto Ed saw a possible pullback as early as April 4, leading Bitcoin to pivot to $44,800 or lower to move closer to $43,000 if this does not continue.
The slash, he added, keeps $50,000 out of reach for now.
Trader and podcast host Scott Melker is currently bullish, noting that Bitcoin is down on the 200-day moving average.
“Up to 200, up to 45,500 dollars; we have to move on,” he said on Twitter on April 4.
“Let’s hope the whales don’t decide to get rid of us just because it’s a conference.”
Melker referred to the Bitcoin 2022 event in Miami from April 6-9, which is a huge collection of some of the biggest names in the Bitcoin world.
Dogecoin returns after Musk spent $3 billion on Twitter
In terms of altcoins, Dogecoin (DOGE) topped the group of the day, outperforming all major cryptocurrencies, thanks to a classic ad from Tesla CEO Elon Musk.
Related: BTC Starts 2022 Again – 5 Things to Know About Bitcoin This Week
After the billionaire announced that he had bought a 9.3% stake in Twitter, making him the company’s largest shareholder, the DOGE/USD rate became a clear advantage for the cryptocurrency, climbing to almost two-month highs.
DOGE/USD 1-day light chart (Binance). Source: Trading View
Musk’s action was the result of a poll conducted on Twitter itself, where more than two million participants told him that the company does not support the “principles of free speech.”
Meanwhile, other Twitter activity in recent days has continued thanks to Musk’s direct interaction with the Dogecoin community.
Cryptocurrencies over the past week have highlighted a growing appetite for what analytics firm Glassnode has called “risky” altcoins, Cointelegraph reports.