Technical Analysis for BTCUSD for 1st April 2022
Bitcoin Drops 7% in a Possible Retest to February 2022 highs
Past Performance of BTC
The Bitcoin price is down seven percent from March 2022 highs following a sharp break above February 2022 highs. Despite losses, buyers appear to be in control but subject to whether there will be confirmation of March 31 losses today. A rebounce from around $42.5k to $43.5k would complete a retest, swinging back price action in favor of buyers.
Bitcoin Technical Analysis
Bitcoin is bullish from a top-down preview. However, in the immediate term, sellers appear to be taking over in a possible retest especially if BTC finds support at around the $42.5k and $43k zone. A rebound completes a retest and might be the basis for another leg up towards $50k--or better in the days ahead. On the reverse side, further losses would provide an opportunity for aggressive sellers to unload on pullbacks with targets at $40k as the bullish breakout of late March proves to be a bull trap.
What to Expect of BTC
Despite confidence, buyers appear exhausted. At spot rates, BTC is recoiling from March 2022 highs in a move, depending on recovery, could shape the price trajectory in April 2022.
Resistance level to watch: $48.5k
Support level to watch: $42.5k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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