bitcoin (BTC) fooled no one with its $40,000 crossing on April 15, as traders remained adamantly risk-off on BTC.
Bitcoin Returns to Key 2022 Fibonacci Level
Data of Markets Cointelegraph Pro Y TradingView showed that BTC/USD bounced back modestly after returning to the $39,500 zone on April 14.
The move erased an upward momentum move from earlier in the week, underscoring the market's lack of bullish momentum despite conspicuous demand for Bitcoin among institutional buyers.
For popular Crypto Ed trader, there was reason to believe that more downside was coming soon. Current levels, he warned viewers in his latest YouTube update, was not suitable ground for a long position.
"With the weekend approaching, I would be very attentive to the anxiety here," he summarized.
In the event, BTC/USD reached around $40,400 before reversing to trade around $40,150 at the time of writing on April 15.
Meanwhile, market commentator Miles Johal noted that the pair was now interacting with the 0.75 Fibonacci level, which had been a supportive feature throughout 2022.
Back to dance with the 0.75 $BTC pic.twitter.com/dDDVjZSJYa
โ Miles J Creative (@JohalMiles) April 15, 2022
United States financial markets were closed on the day of the Good Friday holiday, preventing correlated price movements from cryptocurrency traders.
Do you remember the supercycle?
Elsewhere, excitement was brewing once again over the concept that Bitcoin was in a so-called "supercycle."
Related: Bitcoin Bulls Need to Claim $41K Before Friday's $615M BTC Options Expiration
Previously popular, the concept revolves around watching BTC price action as more than a product of its roughly four-year halving cycles.
In doing so, some suggest it explains why Q4 2021, the year after the last Bitcoin block subsidy halving, failed to produce the โexplosion topโ common to post-halving years. half.
Instead, BTC/USD could be in a consolidation phase with most of its potential yet to come.
"Interesting. Maybe we never got the top of the blowout...because it hasn't happened yet," Josh Olszewicz, head of research at alternative asset management firm Valkyrie. reacted.
The supercycle comparison table was originally aware to Twitter earlier in the week.
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 do your own research when making a decision.
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