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

A close up of a logo Bitcoin

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

The latest relief rally, which began April 25, fizzles less than a day later, while Dogecoin continues its bullish vibe.

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

Bitcoin (BTC) pierced $40,000 at the Wall Street open on April 26 as its latest relief rally lasted less than 24 hours.

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

$39,500 eyed as BTC safety net

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD dropping from local highs of $40,800 on April 26.

At the time of writing, volatility was in evidence as bulls and bears tussled for $40,000, a level which had been beaten with April 25’s uptick.

United States equities contributed to the return of sell-side pressure, with the Nasdaq 100 promptly losing 1.5% on the open and the S&P 500 trading down nearly 1%.

For popular trader Crypto Ed, the odds were on for a trip to $39,500 before another relief bounce took the market higher, potentially towards $42,800.

A similar angle came from fellow analyst and trader Rekt Capital, who spied underlying relative strength index (RSI) support as grounds to expect bullish continuation after a possible dip.

“BTC may be dipping now but the red diagonal on the RSI suggests that this current rally isn’t over,” he tweeted alongside a chart showing the setup.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Rate article
( No ratings yet )
FORECRYPTO