5 things to know in Bitcoin

A fight between bulls and bears will keep Bitcoin (BTC) above $40,000 in the second week of April. However, after a quiet weekend, market jitters returned at the end of the week, and BTC/USD fell in the last hours of April 10.

Cryptocurrency users who aren’t very rich or powerful feel like they’re in the middle of a tug-of-war between two groups. There isn’t a lot of “serious” demand for crypto assets from people who want to buy them. If you’re someone who knows what you’re doing, on the other hand, you can be sure that Bitcoin will be around for a long time because of its all-time high fundamentals and more. People don’t know where prices will go next because of these competing causes. So next week could be different. Cointelegraph looks at five possible Bitcoin price signals as a retest of $40,000 draws near.

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There doesn’t seem to be a “huge downturn” in the value of BTC:

On April 11, the BTC/USD pair got back $42,000 that it lost overnight as the weekly close neared. So, Bitcoin hit $41,771 on Bitstamp, which is the lowest level it has been since March 23, when it was at that level.

During this time, all of the gains made were lost, and Bitcoin fell back into the same trading range that it was in last month. There’s a chance this could be a test of the previous resistance as a safety net, but that could change. Many traders hold out hope that the worst isn’t over.

When the whale fills bids, I’m going to buy the drop. The bullish retest of the weekly mark was flipped on its head. This is what Twitter user Credible Crypto told people in the early hours of Sunday. “If you want to make sure that it’s real, you can wait for a monthly closure.” This is based on new data from Bitfinex’s whale buyers and charts from Credible Crypto. Aroon has only made six “crosses” that went from bearish to bullish during the last two years. These “crosses” look for trends in an asset’s rise or fall.

In addition, Rekt Capital, a trader and analyst had many reasons to be optimistic about Bitcoin. However, the weekly total of about $42,150 fell short of his goal of $43,100. He said on April 10 that “a BTC Weekly Candle Close like this and the return of $43,100 as new resistance would be a good thing.”

There was a lot of stress on the stocks:

Since China shut down COVID-19, Asian markets have taken the biggest hit. Monday morning, both the Shanghai Composite Index and Hong Kong’s Hang Seng were down more than 2% in the first few hours of trade.

There are still a lot of geopolitical tensions between Russia and the rest of the world, even though European markets haven’t opened yet. News for the euro came when Emmanuel Macron was ahead of his main rival, far-right politician Marine Le Pen, in polls. People who study long-term trends like inflation, bond losses, and central bank actions are worried about what they see.

It is expected that the European Central Bank (ECB) will meet this week to focus on inflation management by stopping asset purchases and raising interest rates, which will help keep prices from rising.

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