Bitcoin dices with $46K as Elon Musk Twitter buy sends Dogecoin near 2-month highs

bitcoin (BTC) traded in uncertain territory on April 4 as the Wall Street open failed to trigger a bullish continuation.

Trader gives $43,000 BTC short-term drop target

Data of Markets Cointelegraph Pro and TradingView showed BTC/USD falling above and below the $46,000 mark on Monday, continuing a few days of low volatility.

The pair managed to seal a second week near the 2022 yearly open, with analysts already expecting a breakout of $50,000 or even higher.

However, at the time of writing, there was still no sign of such an outcome, while Bitcoin remained in an ever-tightening low time frame trading range.

“Bitcoin is not very clear to me – could be due to a very slow weekend, which disturbs my opinion a bit,” popular trader Crypto Ed summarized in his latest post. youtube update up to date.

Highlighting a descending diagonal resistance trend line, Crypto Ed reasoned that a potential pullback could occur as early as Monday, resulting in Bitcoin retracing $44,800 or higher to near $43,000 should that not hold. .

The diagonal, he added, was keeping $50,000 out of his reach at the moment.

Fellow trader and podcast host Scott Melker was tentatively hopeful, noting that Bitcoin was getting rejected at the 200-day moving average.

"Rejected in the 200s, winding up to $45,500; we should be going higher," he said in a twitter stream Monday.

"Hopefully the whales don't decide to turn on us just because there's a conference."

Melker was referring to the Bitcoin 2022 event in Miami from April 6-9, a major gathering of some of the biggest names in the Bitcoin world.

Dogecoin Rebound Follows Musk's $3 Billion Spending on Twitter

In altcoins, the pack was led by Dogecoin (DOGE) of the day, which outperformed all major cryptocurrencies thanks to a classic hype push from Tesla CEO Elon Musk.

Related: BTC Starts 2022 Again: 5 Things You Need To Know About Bitcoin This Week

After the billionaire revealed that he had bought a 9.3% stake in Twitter, becoming the company's largest shareholder, DOGE/USD was the clear beneficiary of cryptocurrencies, nearing its highest levels in two months.

Musk's move was the result of a Twitter poll, in which just over two million respondents told him the company was failing to uphold "free speech principles."

The consequences of this survey will be important. Please vote carefully.

— Elon Musk (@elonmusk) March 25, 2022

Meanwhile, other Twitter activity in recent days continued Musk's direct interaction with the Dogecoin community.

Like Cointelegraph reportedaltcoin inflows over the past week underscored a heightened appetite for what on-chain analytics firm Glassnode called “riskier” altcoins.