Bitcoin (BTC) Price Rallies Above $40K After Recent Downfall
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- $43,000 might be the local high, but the outlook is gloomy moving ahead.
- Bitcoin has been up 1.88% in the last 24 hours.
According to a new analysis published on April 18, Bitcoin (BTC) is due for a relief bounce, but it still faces a collapse to $30,000 before May. On April 18, data showed BTC/USD hanging around $40,000 as pessimistic forecasts for the pair grew. Due to the Easter holiday, Bitcoin suffered low liquidity after losing $40,000 support overnight into April 18. This was due to the lack of US and European stocks trade.
According to prominent trader Crypto Ed, a near-term drop should bottom out at $37,500 before a comeback starts. “First need to reclaim $40,000; if we manage that, it’ll certainly give a bullish impulse to the market,” he said in his most recent YouTube post.
Bullish Divergence Spotted
If that happens, $43,000 might be the local high, but the outlook is gloomy moving ahead. Crypto Ed forecasted a recurrence of previous negative swings intermingled with a brief respite rebound using Elliott Wave analysis. He concluded that the goal was $30,000.
On the contrary, another crypto analyst Crypto Rover tweeted about finding a bullish divergence representing a considerable buy signal.
On Monday, Bitcoin was down 2.4 percent, adding to recent losses, but rebounded and traded above the $40K mark. For the month of April, the cryptocurrency is down 13.7 percent, and year-to-date, it is down 16.4 percent. Bitcoin isn’t the only crypto asset to have fallen in early trade on Monday; other well-known cryptos have also fallen into negative territory. According to CMC, Bitcoin price today is $40,839.06 USD with a 24-hour trading volume of $32,246,955,421 USD. Bitcoin has been up 1.88% in the last 24 hours.
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