Bitcoin (BTC) shows signs of recovering from a crash on April 1 overnight after Ides became involved with the bulls at the last minute in March.
Hourly candlestick chart BTC / USD (bit stamp). Source: Trading View
Bitcoin at a “tipping point”
Data from Cointelegraph Markets Pro and TradingView showed that BTC / USD passed $ 45,500 on April 1 on Wall Street.
The pair fell to nearly $ 44,000 at the end of March, a decline driven by a combination of macroeconomic factors and the actions of large portfolios.
European stocks fell on the day Russia threatened to cut gas supplies, and EU lawmakers’ vote to ban unmanaged portfolios further exacerbated sentiment.
Triggers have not caused a deeper drop to $ 40,000, and have left bitcoin during the annual opening of $ 46,200 at the time of writing. This left room for the return of the retail area, which has been in place since the beginning of 2022, with an open year as a roof.
“If we have to go down, I think it will come from here,” Crypto trader Ed summed up, along with a chart showing continued ups and downs.
For the popular Twitter account “Material Indicators”, the short time frame can tell us about the general path to the market.
Bitcoin broke out of a rising wedge on the weekly chart, but failed to hold the 50-week moving average (WMA) in support.
He wrote the same day: “Bitcoin in prime position.”
“The BTC bulls lost 50 WMA, but managed to regain the R / S reversal across the structure. Volatility on both sides of the range. We follow the others.”