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Ready for a deep dive? Bitcoin still has a chance to bounce!

Are we destined to test $30,000? No, BTC can potentially turn around and reach a new ATH! Find out the details from BTCNEXT Analysts!

21–30 April, 1–4 May main events

  • Elon Musk to buy Twitter for $44 billion. Tesla’s Head will pay $54.20 per share. He has allocated $21 billion from his personal funds to make the Twitter purchase. Another $25.5 billion was provided to the entrepreneur by a group of banks led by Morgan Stanley.
  • Bitcoin mining difficulties hit a new high with a 5.56% increase. As a result of the next recalculation, the Bitcoin mining difficulty has increased by 5.56% and reached a record high of 29.79 trillion. The increase is the second largest since the beginning of the year. On January 21st, it increased by 9.32%.
  • Goldman Sachs to offer BTC-backed loans. The lender was attracted by the structure of the deal and the 24/7 risk management mechanism. The move marks the full entry of Goldman Sachs into the cryptocurrency market. The deal has been prepared since December 2021.

Price analysis

April closed below the $41,000-$43,000 range with a big engulfing candle. The bulls’ last hope for the month is in the support range of $35,000-$37,000. If it fails, BTC will fall to the trend line at $28,000-$30,000. For a global recovery, it is necessary to grow above $41,000-$43,000. A foothold above this level will open the way to $51,000-$53,000.

On the weekly timeframe, the situation is negative. For 3 consecutive weeks, the Bitcoin price has struggled below the $40,000-$43,000 zone, which indicates a breakdown of the weekly support at $37,400-$36,600 and a decline to $30,000. To correct the situation, the bulls need to push BTC above $40,000-$43,000. The price is sandwiched between 55MA (resistance $42,250) and 89MA (support $38,240), the next 144MA is at 32k (support). According to the Bollinger channel, the resistance is at $44,765 (the middle of the channel) and the support is at $27,825 (the lower border). The weekly candle fell under the Ichimoku Cloud and now the entire range of $42,200-$51,600 is resistance. All indicators suggest a bearish trend. The RSI is in a huge bullish wedge above the key important support at 42 points and an uptrend line since late 2018. If the support breaks down, we should expect BTC to fall by around 50%.

The Fear and Greed index left the extreme fear zone and rose to the fear zone of 28 points. The funding rate went from 0.01 to -0.01 and is now positive. Open interest has declined to $16.6 billion. In April, more than $4 billion in long positions were liquidated. At the end of April, large purchases began to appear in the transaction feed and in this regard, buyers took over (Buy: 1,998 BTC vs. Sell: 1,122 BTC). Local support lies at $38,300, followed by a tight range of $28,000-$37,600. Local resistance is at $40,500, $41,500 and $44,400-$45,200. On May 4th, there will be a meeting of the FOMC, where a decision will be made to raise the interest rate. This will be a negative event for the stock markets and for crypto. We can expect a fall below $37,000.

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

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