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Is the BTC correction over? Do not open long in a hurry!

After a short drop to $38,000, Bitcoin managed to climb above $41,000 — does this indicate the end of the correction? Check out the thoughts of BTCNEXT analysts and find out the next move!

1–20 April main events

  • Hackers attacked the Beanstalk DAO DeFi protocol and withdrew about 24,830 ETH, worth $75 million.
  • Tornado Cash complied with U.S. sanctions and blocked addresses linked to the $625 million Ronin sidechain hack.
  • Microstrategy purchased 4,167 BTC for $190.5 million — the company holds a total of 129,218 BTC.
  • Bitcoin miners have mined 19,000,000 BTC — it will take another 120 years for the remaining 2,000,000 BTC.

Price analysis

The week closed under the psychological level of $40,000, which opened the way to $36,600-$37,400 and to $30,000. A new week opened under the Ichimoku cloud. If the price does not quickly come back inside the cloud ($40,300-$50,600), the current correction and accumulation may drag on until mid July. At the moment, the price has managed to return to above $41,500. To break the downtrend, it is necessary to close the week above $43,000.

The Fear and Greed Index is in the zone of extreme Fear at 24 points. The funding rate is below zero, which indicates lots of shorts and a complete knockout of longs. Open interest dropped to $17.5b. The drop under $40,000 liquidated only $130m long positions, which confirms the liquidation of long positions in early April. Over the past week, $40,000 worth of coins were withdrawn from exchanges. Purchases have begun to appear, but the preponderance of sales still remains (Buy: 1,352 BTC vs. Sell: 1,498 BTC). There is a tight support block at $37,000-$38,000 in the order book. The resistance block is in the range of $44,500-$45,200.

Despite breaking through the psychological mark of $40,000, the bulls managed to regain control of the situation and return the price to above $41,000. To complete the correction and move into an uptrend, it is necessary to close the weekly candle above $43,000. The overall growth of the altcoin market depends entirely on the movement of BTC. For now, you should refrain from buying altcoins.

That’s all! If you want to continue receiving price analyses — stay tuned for more BTCNEXT updates!

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