On April 29, the Bitcoin (BTC) maintained its distance as it welcomed the US dollar’s decline from its 20-year high.
BTC / USD 1 hour candlestick (Bitstamp). Source: TradingView
The merchant’s eye is a $ 40,600 “critical” hacker
Cointelegraph Markets Pro and TradingView data show that BTC / USD hugging support is close to $ 39,300 after failing to save $ 40,000.
The pair managed a modest upside despite a “parabolic rally” in the strength of the U.S. dollar within a week.
The Dollar Index (DXY) finally peaked on April 2 after reaching its highest level since 2002.
Despite the inverse relationship, BTC / USD did not show any signs that it could directly benefit from a change in mood at the time of writing.
Cointelegraph contributor Michaël van de Poppe believes that however, the growth momentum will return to Bitcoin in the short term.
“Bitcoin is entering the narrow game arena and preparing for a major impetus,” he told Twitter followers that day.
“I bet the top because DXY is also showing some weakness. Breakthrough critical level: $ 40.3-40.6K first ”.
Van De Poppe stressed the importance of maintaining the current level of current prices in order to pave the way for $ 42,000 and above.
The dollar index (DXY) is a 1-day candlestick line. Source: TradingView
BTC’s tail came in the form of Asian market trading, while the Shanghai Composite Index rose 2.4%, with Hong Kong’s Hong Seng recovering from COVID-19 sales the previous day.
Europe is flat, with Germany’s DAX up 1.2% and FTSE up 0.35% in London.
The study warns of Hodler’s “capitulation.”
A popular analyst found out who was selling the root bitcoin coin holder and found that long-term owners (LTHs) were changing direction – the coin was 155 days or longer.
According to the study, the $ 27K “biggest pain” bitcoin price is the last purchase opportunity.
He warned that the highest price of $ 18,000 in history was $ 69,000 – those who are an important part of the LTH base are being forced to withdraw due to external forces.
“They don’t take risks because of macro conditions,” one Twitter thread said.
According to data from chain analyst Glassnode, Cointelegraph recently reported that the BTC supply fell asleep in a year or more, setting an all-time high this month.
Bitcoin Active Supply Chart. Source: Glassnode
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