Bitcoin (BTC) traded in an uncertain territory on April 4 as the Wall Street open failed to unleash bullish continuation.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
Trader gives $43,000 BTC near-term dip target
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD dipping above and below the $46,000 mark on April 4, continuing a low-volatility few days.
The pair had managed to seal a second week near the 2022 yearly open, with analysts already hoping for a breakout to $50,000 or even beyond.
At the time of writing, however, there was still no sign of such an outcome, while Bitcoin stuck to an increasingly narrow low-timeframe trading range.
“Bitcoin is not really clear to me; it could be because of a very slow weekend, which is disturbing a bit, [in] my view,” popular trader Crypto Ed summarized in his latest YouTube update on the day.
Highlighting a falling diagonal resistance trendline, Crypto Ed reasoned that a potential pullback could come as early as April 4, resulting in Bitcoin reversing to $44,800 or deeper to near $43,000 should that not hold.
The diagonal, he added, was keeping $50,000 out of reach for the time being.
Fellow trader and podcast host Scott Melker was tentatively hopeful, noting that Bitcoin was being rejected at the 200-day moving average.
“Rejected at the 200, meandering down to $45,500; we should be heading up,” he said in a Twitter broadcast on April 4.
“Let’s hope that whales do not decide to dump on us just because there is a conference.”
Melker was referring to the Bitcoin 2022 event in Miami from April 6-9, a major gathering of some of the Bitcoin world’s best-known names.
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