BTC price hits 10-day high as trader says $42K is where Bitcoin ‘gets interesting’


Bitcoin (BTC) bulls kept the pressure on on April 20 as the Wall Street open saw a return to $42,000.

BTC/USD 1-hour candlestick chart (Bitstamp). Source: TradingView

$42,000 proves problematic

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD reaching $42,220 on Bitstamp, its highest level since April 11.

After adding as much as 9.3% against Monday’s local lows, the pair was now in line for “interesting” behavior, according to Cointelegraph contributor Michaël van de Poppe.

“Things get interesting at $42K,” he said. said Twitter followers

Like others on the day, Van de Poppe highlighted the decline in US dollar strength as a boon to BTC price performance.

However, the volatility was very much in evidence at the return to the significant $42,000 level as others expressed a lack of faith on the continuation of Bitcoin gains.

However, for popular trader Josh Rager, Monday’s drop to $38,600 and subsequent rally was a pattern to follow.

“The last couple of fakes led to over 30% uptrends,” he said. noted Tuesday.

“Yesterday caught a lot of people off guard, although it wasn’t as deep a pullback as the last one. You could still see Bitcoin go up here over the next week, take it day by day.”

An accompanying chart highlighted price performance after wicks fell to support through 2022. This time the target was around $48,000, the site of Bitcoin’s 200-day moving average.

BTC/USD annotated chart. Source: Josh Rager/Twitter

US stocks fail to impress after earnings

In macro, the fluctuations in the shares were criticized by Rager, who plot that performance was being hampered by changes of opinion.

Related: US Dollar Strength Mimics 2020 Coronavirus Crash: 5 Things To Know About Bitcoin This Week

Unusual moves in Netflix shares became a talking point the day after the profit loss sparked a sell-off.

However, according to the Fear & Greed Index Sentiment Gauge, the mood was better overall on Wednesday, with the index hitting its highest April score so far: 50/100.

The Crypto Fear & Greed Index, by contrast, languished in the “fear” zone at 27/100.

Crypto Fear & Greed Index (screenshot). Source: Alternative.me

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