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Bitcoin (BTC) struggles at $46,000, Musk pushes Dogecoin (DOGE) higher

 


Bitcoin ( B TC ) found itself floating in shaky waters for the opening of trading on Wall Street today, April 4, after bulls failed to make a decisive continuation of the upleg.


Analyst predicts new downturn

Accordingly, as data from Cointelegraph Markets Pro and TradingView show, BTC/USD briefly bounced above $46,000 and promptly fell back below it. So the volatility of the last few days is continuing.


The market-leading cryptocurrency solidified its second weekly close yesterday in close proximity to the year-opening price of 2022, which has analysts already hoping for a rally above $50,000 and beyond.


At the time of writing, however, there are no signs of this happening anytime soon, as Bitcoin continues to find itself locked in a tight price range.


"The picture is not very clear for me with Bitcoin, because we had a very slow weekend, which makes me a little worried," as trader Crypto Ed summarizes the current situation as part of his current YouTube update .


However, this falling trendline is initially holding BTC off the rally to $50,000, according to the expert.


In this context, CryptoEd points to a falling diagonal trend line, a possible retracement could be triggered by this as early as April 4th. In that case, Bitcoin could drop to $44,800 or even $43,000.


His colleague Scott Melker, meanwhile, is far less concerned that Bitcoin failed the 200-day moving average.


"Rejected on the 200-day MA and then slipped to 45,500, next it should go up again," as Melker explains accordingly on Twitter . To which he adds:


"Let's just hope the whales don't abandon us just because there's a conference event going on at the moment."

With this, Melker refers to the major Bitcoin conference Bitcoin 2022, which will be held in Miami from April 6th to 9th and will bring together some of the most important industry heads.


Dogecoin fueled again by Elon Musk

Musk had recently announced that he had acquired a 9.3% stake in the social network Twitter, making him the company's largest shareholder. This later translated directly to DOGE/USD, which has almost climbed back to a two-month record high.

Musk's action was again triggered by a survey, because he had previously denounced that Twitter "does not comply with the principle of freedom of expression".



Capital inflows into altcoins over the past week have provided evidence that interest in “high-risk” alternative cryptocurrencies is returning.

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