{"id":3340,"date":"2022-04-13T06:48:08","date_gmt":"2022-04-13T06:48:08","guid":{"rendered":"https:\/\/fatburningcoffeetrick.com\/?p=3340"},"modified":"2022-04-13T06:48:08","modified_gmt":"2022-04-13T06:48:08","slug":"bitcoin-price-slides-below-40k-following-a-lackluster-breakout","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=3340","title":{"rendered":"Bitcoin price slides below $40K following a \u2018lackluster\u2019 breakout"},"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>Extreme fear is once again the dominating sentiment across the cryptocurrency community after Bitcoin (BTC) faced another day of trading below the $40,000 level and the United States grapples with the highest Consumer Price Index (CPI) print since 1981.\u00a0<\/p>\n<p><em>Crypto Fear &amp; Greed Index. Source: Alternative.me<\/em><\/p>\n<p>Data from Cointelegraph Markets Pro and TradingView shows that an early morning attempt to rally above $40,000 ran into a wall of resistance at $40,650 and BTC price eventually tumbled back below $39,600. <\/p>\n<p><em>BTC\/USDT 1-day chart. Source: TradingView<\/em><\/p>\n<p>Here\u2019s a look at what several analysts are saying about the current state of Bitcoin and what could potentially come next as financial markets grapple with an increasing amount of uncertainty. <\/p>\n<h2>Bitcoin is simply re-testing a major S\/R zone<\/h2>\n<p>The current price action for Bitcoin is largely seen as a retest of a major support and resistance (S\/R) zone according to crypto analyst and pseudonymous Twitter user \u2018Credible Crypto\u2019, who posted the following chart outlining the multiple retests of this level going back to 2020.<\/p>\n<p><em>BTC\/USD 1-week chart. Source: Twitter<\/em><\/p>\n<p>According to Credible Crypto, both the middle green circle and the last red circle provide past examples of intra-week movements that went above or below the weekly level, \u201cbut it means nothing without a close to confirm.\u201d <\/p>\n<p>Credible Crypto said, <\/p>\n<p>\u201cGive me a close below BLUE and I&#8217;ll change my tune, but for now there is no reason to.\u201d<\/p>\n<h2>Some analysts project a lackluster recovery<\/h2>\n<p>Insight into the on-chain behavior of Bitcoin investors was discussed in the most recent weekly report from Glassnode, which noted that there has been \u201ca modest volume of profit-taking by investors\u201d following the BTC breakout-out from a multi-month consolidation range. <\/p>\n<p>According to Glassnode, \u201cthe market has seen around 13,300 BTC in profits realized each day since mid-February\u201d and while this value is not \u201chistorically extreme,\u201d it does appear to \u201cbe providing sufficient headwinds to prices.\u201d<\/p>\n<p><em>Bitcoin realized profit. Source: Glassnode<\/em><\/p>\n<p>Overall, the recent recovery for Bitcoin has been relatively subdued with the market waiting for some major catalyst to help bring fresh momentum and new inflows into the cryptocurrency market. <\/p>\n<p>Glassnode said, <\/p>\n<p>\u201cEspecially across on-chain activity metrics like transaction counts and active users, the recovery has thus far been relatively lackluster and continues to suggest Bitcoin is a HODLer dominated market, with few new investors flowing in.\u201d<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Ethereum price &#8216;bullish triangle&#8217; puts 4-year highs vs. Bitcoin within reach<\/em><\/strong><\/p>\n<h2>A \u201cMEGA PUMP\u201d is coming<\/h2>\n<p>A strongly bullish narrative was highlighted by crypto trader \u2018BTCfuel\u2019, who posted the following chart outlining the possibility of an impending \u201cmega pump\u201d from Bitcoin. <\/p>\n<p><em>BTC\/USDT 1-day chart. Source: Twitter<\/em><\/p>\n<p>BTCfuel said, <\/p>\n<p>\u201cWhen looking at the RSI, the 2022 Bitcoin correction is very similar to 2021. Strong BULLISH move imminent.\u201d<\/p>\n<p>The overall cryptocurrency market cap now stands at $1.850 trillion and Bitcoin\u2019s dominance rate is 40.9%.<\/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\/bitcoin-price-slides-below-40k-following-a-lackluster-breakout\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Extreme fear is once again the dominating sentiment across the cryptocurrency community after Bitcoin (BTC) faced another day of trading below the $40,000 level and the United States grapples with the highest Consumer Price Index (CPI) print since 1981.\u00a0 Crypto Fear &amp; Greed Index. Source: Alternative.me Data from Cointelegraph Markets Pro and TradingView shows that [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":3341,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-3340","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\/3340","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=3340"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/3340\/revisions"}],"predecessor-version":[{"id":3342,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/3340\/revisions\/3342"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/3341"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3340"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3340"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3340"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}