Bitcoin (BTC) headed towards $42,000 on April 9 after bulls failed to make a comeback over the weekend. The popular crypto analyst is pointing lower levels. However, it’s not just the Bitfinex heavyweights who see current BTC price levels as a buying opportunity.
Are alarm bells ringing for Bitcoin?
Data from TradingView shows that BTC’s support levels have slowly dissipated over several weeks as the weekend begins. After multiple tests of $43,000, BTC fell to $42.131 on Bitstamp, its lowest level since March 23.
Bulls hoping for a recovery move have felt the pain, with a total of $200 million in cross crypto liquidation within 24 hours as of writing on Saturday. Data from on-chain tracking resource Coinglass also confirms this.
Crypto liquidation chart / Source: Coinglass For traders, the short-term outlook is therefore definitely bearish in character, according to analysts. Popular crypto analyst Crypto Ed predicts a retest of $40,000, but warns that Bitcoin may not stop there. As long as
doesn’t reclaim $44,000 or even 45-46, I’m afraid we should be prepared to retest more downside and at least retest to 40k or even lower. As I said a week ago, I no longer trust these movements.
The chart below points to a projected multi-step downtrend near the $40,000 and $37,500 support levels.
BTC annotated chart / Source: Crypto Ed/ Twitter Yann Allemann and Jan Happel, co-founders of on-chain analytics firm Glassnode, meanwhile, thanks to low weekend market volumes highlighted the potential for volatility.
Unlike the previous week, this is Bitcoin’s weekly candle that will close on Sunday Therefore, it involved a loss of approximately $5,000, or approximately 10%.
Nothing can stop Bitfinex whales
However, not everyone is attempting an exit. According to the latest data, Bitcoin whales have been busy buying new supplies from sellers, and Bitfinex exchange has seen some significant bid volumes fill up.
Previously on Cryptokoin.com news, this year’s trading of Bitfinex whales habits were mentioned. Meanwhile, another large-volume wallet of unknown origin similarly continued to buy millions of dollars worth of BTC at regular intervals, regardless of price action.
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