skip to Main Content
bitcoin
Bitcoin (BTC) $ 79,415.28 4.40%
ethereum
Ethereum (ETH) $ 1,619.51 9.70%
tether
Tether (USDT) $ 0.99966 0.02%
xrp
XRP (XRP) $ 1.99 6.40%
bnb
BNB (BNB) $ 556.10 6.18%
usd-coin
USDC (USDC) $ 1.00 0.01%
solana
Solana (SOL) $ 107.65 9.65%
dogecoin
Dogecoin (DOGE) $ 0.152127 9.67%
tron
TRON (TRX) $ 0.233535 1.85%
cardano
Cardano (ADA) $ 0.588895 9.49%
bitcoin
Bitcoin (BTC) $ 79,415.28 4.40%
ethereum
Ethereum (ETH) $ 1,619.51 9.70%
tether
Tether (USDT) $ 0.99966 0.02%
xrp
XRP (XRP) $ 1.99 6.40%
bnb
BNB (BNB) $ 556.10 6.18%
usd-coin
USDC (USDC) $ 1.00 0.01%
solana
Solana (SOL) $ 107.65 9.65%
dogecoin
Dogecoin (DOGE) $ 0.152127 9.67%
tron
TRON (TRX) $ 0.233535 1.85%
cardano
Cardano (ADA) $ 0.588895 9.49%

Bitcoin Price Analysis: BTC Rebounded At Key Support, Is The Bottom In?

Bitcoin’s price rally slowed down after getting rejected at the 200-day moving average line amid the $48K range.

The 1-Day Timeframe

Technical Analysis by Edris

The price dropped lower since the MA200 rejection and is currently retesting the 50-day and 100-day moving average lines. These MAs have also printed a bullish cross recently, as the 50-day MA has crossed above the 100-day MA.

The $42K level is currently holding the price, is also a significant horizontal support level. This level was a resistance turned into support after a bullish breakout a few weeks ago.

BTCUSDT Daily - Apr 10 2022-min

However, if this area fails to hold the price, a retest of the $36K zone would be a likely scenario.

On the other hand, if the price rebounds from this support level, the $48K zone and the 200-day moving average would be likely retested.

The 4-Hour Timeframe

On the 4-hour timeframe, it is evident that after the price has reached the top of the large bearish flag pattern, it has been rejected to the downside and made a lower high and a lower low.

This price action indicates that the bears are now controlling the market, and a new downtrend could be on the horizon.

BTCUSDT 4H - Apr 10 2022-min

However, the $42K level might serve as solid support. From the bullish side – the critical supply zone remains around the $47K level, which could initiate the next bearish leg and higher low.

In the bearish scenario, if the price loses the $42K support, a retest of the $36K level and the bottom of the bearish flag would be imminent. A bearish breakout from the base of the flag would validate it and form a bearish continuation and probably a new lower low below the $33K bottom – the lowest level for the past months.

Loading data ...
Comparison
View chart compare
View table compare
Back To Top