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Bitcoin fails to hold $40K with traders still hoping for a BTC price relief bounce

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Bitcoin (BTC) pierced $40,000 on the Wall Avenue open on April 26 as its newest relief rally lasted lower than 24 hours.

BTC/USD 1-hour candle chart (Bitstamp). Supply: TradingView

$39,500 eyed as BTC security web

Information from Cointelegraph Markets Professional and TradingView confirmed BTC/USD dropping from native highs of $40,800 on April 26.

On the time of writing, volatility was in proof as bulls and bears tussled for $40,000, a stage which had been crushed with April 25’s uptick.

United States equities contributed to the return of sell-side stress, with the Nasdaq 100 promptly shedding 1.5% on the open and the S&P 500 buying and selling down almost 1%.

For well-liked dealer Crypto Ed, the percentages had been on for a journey to $39,500 earlier than one other relief bounce took the market increased, doubtlessly in the direction of $42,800.

#BTC when bounce right here, goal = $42,800

Wait for bounce, may additionally drop to the decrease field pic.twitter.com/z5YOVHQ1vb

— Ed_NL (@Crypto_Ed_NL) April 26, 2022

An analogous angle got here from fellow analyst and dealer Rekt Capital, who spied underlying relative energy index (RSI) assist as grounds to count on bullish continuation after a doable dip.

“BTC could also be dipping now however the crimson diagonal on the RSI means that this present rally is not over,” he tweeted alongside a chart displaying the setup.

“$BTC might dip to as little as the crimson space however ought to have the option to get pleasure from development continuation afterwards upon profitable retest.”BTC/USD annotated chart with RSI. Supply: Rekt Capital/ Twitter

As Cointelegraph reported, RSI has been accountable for varied short-timeframe breakouts on BTC/USD in current months.

Dogecoin holds Twitter-inspired positive factors

On altcoins, it was Dogecoin (DOGE) as soon as once more main the pack, with its newest positive factors propelling it again into the highest ten cryptocurrencies by market cap.

Associated: Dogecoin price dangers 40% correction regardless of Elon Musk-Twitter euphoria

Well-known as his pet crypto asset, DOGE had profited from Tesla CEO Elon Musk closing a deal to purchase Twitter, and DOGE/USD was up 11% in 24 hours on the time of writing.

DOGE/USD 1-hour candle chart (Binance). Supply: TradingView

Additionally performing properly was Terra’s LUNA token, whereas largest altcoin Ether (ETH) copied Bitcoin in failing to hold main assist, this time at $3,000.

On month-to-month timeframes, nevertheless, ETH/USD was still holding up, Rekt Capital argued, regardless of the low-timeframe weak spot.

$ETH is positioning itself for a bullish Month-to-month Shut

Still holding the important thing black ~$3000 assist properly#ETH carried out a draw back wick to ~$2800 just lately though it might’ve depraved to as little as ~$2600 and still keep its macro uptrend#Crypto #Ethereum pic.twitter.com/xf1Vhsu3L4

— Rekt Capital (@rektcapital) April 26, 2022

The views and opinions expressed listed below are solely these of the creator and don’t essentially replicate the views of Cointelegraph.com. Each funding and buying and selling transfer entails danger, it is best to conduct your personal analysis when making a determination.

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