Global financial markets continued to face an uphill battle on April 7 following recent aggressive comments from the US Federal Reserve hinting at a rapid rise in interest rates as a course of action to help curb runaway inflation. .
Data of Markets Cointelegraph Pro Y TradingView shows that the price of Bitcoin (BTC) hit an overnight low of $42,744 following the Fed's comments and has since entered a consolidation pattern near support at $43,500.
Here is a look at what various analysts in the market are saying about the outlook for Bitcoin at this level and what support and resistance zones to watch moving forward.
The bulls need to hold the support at $43,100
Market analyst and pseudonymous Twitter user 'Rekt Captial' addressed what's next for Bitcoin based on its past performance in this zone, who aware The chart below highlights the importance of the $43,100 support level.
rektcapital said,
โIf history repeats itself and BTC continues to hold the ~$43,100 level as supportโฆthen BTC could once again enjoy on the upside to $40,000 and even $50,000.โ
BTC and the NASDAQ
The correlation between the price movements of Bitcoin and the NASDAQ was highlighted in the chart below. aware by filbfilb, co-founder of trading suite DecenTrader, who noted that โSince 2019, multiple sell-offs at all-time highs on NASDAQ have resulted in strong sell-offs that caused BTC to also correct at the same time.โ
filbfilb said,
โWhat followed was a bullish inverse head and shoulders reversal, confirmed by testing the 50 DMA and ATH on both legacy and BTC; a possible scenario ahead.โ
Crypto analyst and pseudonymous Twitter user 'TAnalyst' provided further evidence to support a possible imminent breakout of BTC, who aware The chart below looks at the price action of BTC when a bounce occurs in the price oscillator.
Tanalyst said,
โApril 2012 price oscillator bounce, then bull run. March 2020 price oscillator bounce, then bull run. February 2022 Price Oscillator Bounce... I Will [leave it to] you to finish.
Related: Bitcoin Sentiment Dips into โFearโ as BTC Price Action Hits $42.9K Breakout Target
A breakout to $57,000 or a pullback to $36,000
The loss of support at $44,700 was โexpected after losing that recent low,โ according to crypto trader and Cointelegraph contributor Michaรซl van de Poppe, who aware the following table detailing the breakdown of $46,881.
dad said,
โCurrently on a major breakwater. If we hold this, all good, looks set for another stretch to $57,000. If we don't, then I'm looking at a test of around $36,000."
The total cryptocurrency market capitalization is now $2.015 trillion and the dominance rate of Bitcoin is 41.2%.
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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