Bitcoin fails to hold $40K with traders still hoping for a BTC price relief bounce

Bitcoin (BTC) pierced $40,000 on the Wall Avenue open on April 26 as its newest aid rally lasted lower than 24 hours.

BTC/USD 1-hour candle chart (Bitstamp). Supply: TradingView

$39,500 eyed as BTC security web

Information from Cointelegraph Markets Professional and TradingView confirmed BTC/USD dropping from native highs of $40,800 on April 26.

On the time of writing, volatility was in proof as bulls and bears tussled for $40,000, a stage which had been overwhelmed with April 25’s uptick.

United States equities contributed to the return of sell-side stress, with the Nasdaq 100 promptly shedding 1.5% on the open and the S&P 500 buying and selling down practically 1%.

For in style dealer Crypto Ed, the chances have been on for a visit to $39,500 earlier than one other aid bounce took the market greater, probably in direction of $42,800.

The same angle got here from fellow analyst and dealer Rekt Capital, who spied underlying relative power index (RSI) help as grounds to count on bullish continuation after a attainable dip.

“BTC could also be dipping now however the crimson diagonal on the RSI means that this present rally is not over,” he tweeted alongside a chart exhibiting the setup.

“$BTC may dip to as little as the crimson space however ought to be capable to take pleasure in development continuation afterwards upon profitable retest.”

BTC/USD annotated chart with RSI. Supply: Rekt Capital/ Twitter

As Cointelegraph reported, RSI has been liable for varied short-timeframe breakouts on BTC/USD in current months.

Dogecoin holds Twitter-inspired features

On altcoins, it was Dogecoin (DOGE) as soon as once more main the pack, with its newest features propelling it again into the highest ten cryptocurrencies by market cap.

Associated: Dogecoin value dangers 40% correction regardless of Elon Musk-Twitter euphoria

Well-known as his pet crypto asset, DOGE had profited from Tesla CEO Elon Musk closing a deal to buy Twitter, and DOGE/USD was up 11% in 24 hours at the time of writing.

DOGE/USD 1-hour candle chart (Binance). Source: TradingView

Also performing well was Terra’s LUNA token, while largest altcoin Ether (ETH) copied Bitcoin in failing to hold major support, this time at $3,000.

On monthly timeframes, however, ETH/USD was still holding up, Rekt Capital argued, despite the low-timeframe weakness.

The views and opinions expressed listed here are solely these of the writer and don’t essentially mirror the views of Each funding and buying and selling transfer includes danger, you must conduct your individual analysis when making a call.