Bitcoin Bounces To Near $41K After Crypto Sentiment Gauge Hits 6-week Lows
Bitcoin (BTC) saw a welcome break from downside at the Wall Street open on April 13 as United States equities opened in the green.
Sub-$39,000 Bitcoin price target remains
Data from TradingView showed BTC/USD climbing to local highs of $40,965 on Bitstamp as trading began on April 13, its best in over 24 hours.
After a frustrating rangebound period, volatility to the upside was a relief for support levels previously in danger of collapsing.
Traders, however, were not overly optimistic, having eyed lower entry levels for a potential long position.
popular trader Crypto Ed was also risk-off in tone on the day, previously forecasting a relief bounce before a deeper correction under $39,000.
“I expect a move, let’s say, towards $41,000 and then I think most likely we do get that extra leg to the downside,” he said in a YouTube update published subsequently.
Ed added that the scenario would be invalidated should BTC/USD manage to hold above the $40,500 mark. At the time of writing, the pair was continuing to move towards the $41,000 target.
Macro triggers remained familiar, these coming in the form of inflation after April 12’s U.S. Consumer Price Index (CPI) readout of 8.5% for March, its highest since 1981. In the United Kingdom, the CPI quickened to 7%, a 30-year high, according to figures from the Office for National Statistics.
Sentiment on the move from 6-week lows
Traders seemed prepared for the bounce, with data showing modest position liquidations for both longs and shorts over the past 24 hours.
The dip below $40,000 had conversely cost market participants dearly, with liquidations passing $500 million fueled by longs.
At the same time, sentiment was rising, as calculated by the Crypto Fear & Greed Index, this having reached 20/100 or “extreme fear” on April 12. Such a low sentiment score was last recorded in late February.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Annie
CoinCu News
Author
Bitcoin (BTC) saw a welcome break from downside at the Wall Street open on April 13 as United States equities opened in the green.
Sub-$39,000 Bitcoin price target remains
Data from TradingView showed BTC/USD climbing to local highs of $40,965 on Bitstamp as trading began on April 13, its best in over 24 hours.
After a frustrating rangebound period, volatility to the upside was a relief for support levels previously in danger of collapsing.
Traders, however, were not overly optimistic, having eyed lower entry levels for a potential long position.
popular trader Crypto Ed was also risk-off in tone on the day, previously forecasting a relief bounce before a deeper correction under $39,000.
“I expect a move, let’s say, towards $41,000 and then I think most likely we do get that extra leg to the downside,” he said in a YouTube update published subsequently.
Ed added that the scenario would be invalidated should BTC/USD manage to hold above the $40,500 mark. At the time of writing, the pair was continuing to move towards the $41,000 target.
Macro triggers remained familiar, these coming in the form of inflation after April 12’s U.S. Consumer Price Index (CPI) readout of 8.5% for March, its highest since 1981. In the United Kingdom, the CPI quickened to 7%, a 30-year high, according to figures from the Office for National Statistics.
Sentiment on the move from 6-week lows
Traders seemed prepared for the bounce, with data showing modest position liquidations for both longs and shorts over the past 24 hours.
The dip below $40,000 had conversely cost market participants dearly, with liquidations passing $500 million fueled by longs.
At the same time, sentiment was rising, as calculated by the Crypto Fear & Greed Index, this having reached 20/100 or “extreme fear” on April 12. Such a low sentiment score was last recorded in late February.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Annie
CoinCu News
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