{"id":3225,"date":"2022-04-08T18:17:42","date_gmt":"2022-04-08T18:17:42","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=3225"},"modified":"2022-04-08T18:17:42","modified_gmt":"2022-04-08T18:17:42","slug":"waiting-for-40k-bitcoins-critical-level-is-already-here-says-new-research","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=3225","title":{"rendered":"Waiting for $40K? Bitcoin&#8217;s critical level is already here, says new research"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Bitcoin (BTC) is at a \u201cpivotal\u201d point and faces macro forces that could influence it for \u201cmonths to come,\u201d fresh research says.<\/p>\n<p>In its latest market update on April 8, trading suite Decentrader called for more attention to Bitcoin\u2019s \u201cyearly pivot\u201d price.<\/p>\n<h2>All eyes on the yearly pivot<\/h2>\n<p>After giving $43,000 support two retests this month, Bitcoin has punctured market sentiment, having reversed direction near $50,000.<\/p>\n<p>The move below $46,200 \u2014 the opening price for 2022 \u2014 was particularly hard to swallow, as it had marked the BTC price resistance ceiling since Jan. 1.<\/p>\n<p>As lower levels get revisited, calls for $40,000 or even lower are emerging, but for Decentrader, the zone for bulls to hold is already here. This comes in the form of the yearly pivot, a price level that in 2022 lies at around $43,500 \u2014 right by April 8\u2019s spot price.<\/p>\n<p>\u201cBitcoin was rejected off the Yearly Pivot, a level which has not been broken in either of the last 4-year cycle bear markets,\u201d analyst Filbfilb explained. <\/p>\n<p>\u201cThis, although highly probable, was a disappointment for the bulls, which had an injection of hopium, having broken the major weekly support\/resistance level of circa $43 thousand.\u201d<em>BTC\/USD chart with yearly pivots marked (screenshot). Source: Decentrader<\/em><\/p>\n<p>Should the current scenario truly represent a \u201cbear market\u201d phase for BTC\/USD, a close above the pivot, notably on higher timeframes, would not only be bullish but a historically unusual event.<\/p>\n<p>\u201cA break above the yearly pivot would be a break from the 4-year cycle norm and could suggest that Bitcoin will be on the way to significantly higher prices, but for the immediate term, the weekly level needs to be supported by the bulls, to avoid dropping back into consolidation,\u201d Filbfilb added.<\/p>\n<h2>Liquidity stacks up<\/h2>\n<p>Looking beyond the pivot, the coming months seem firmly tied to central bank policy as inflation bites and steps to combat it intensify.<\/p>\n<p><strong><em>Related:\u00a0Bitcoin plumbs April lows as US dollar strength hits highest since May 2020<\/em><\/strong><\/p>\n<p>The United States Federal Reserve\u2019s balance sheet reductions are likely to pressure stocks and risk assets, analysts agree, with Bitcoin thus standing to lose appeal.<\/p>\n<p>Filbfilb agreed on these powerful headwinds, arguing that the Fed\u2019s action could influence BTC price action \u201cfor months to come.\u201d<\/p>\n<p>How low Bitcoin could go, however, may well depend on liquidity grabs. Sentiment, shown via derivatives funding rates, continues to favor the upside despite the spot price action weakening, raising the chances of a liquidation cascade downwards.<\/p>\n<p>This week already saw the largest long liquidation episode since January, data from on-chain monitoring resource Coinglass shows.<\/p>\n<p><em>Crypto liquidations chart. Source: Coinglass<\/em><\/p>\n<p>Liquidity both above and below the spot price means that the potential for a squeeze in either direction remains high, Filbfilb wrote, with the potential upside target still north of $50,000.<\/p>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/waiting-for-40k-bitcoin-s-critical-level-is-already-here-says-new-research\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) is at a \u201cpivotal\u201d point and faces macro forces that could influence it for \u201cmonths to come,\u201d fresh research says. In its latest market update on April 8, trading suite Decentrader called for more attention to Bitcoin\u2019s \u201cyearly pivot\u201d price. All eyes on the yearly pivot After giving $43,000 support two retests this [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":3226,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-3225","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/3225","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3225"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/3225\/revisions"}],"predecessor-version":[{"id":3227,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/3225\/revisions\/3227"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/3226"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3225"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3225"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3225"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}