Bitcoin battles for weekly close above $42K as LFG buys 4,130 more BTC

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Bitcoin battles for weekly close above $42K as LFG buys 4,130 more BTC
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After a week of disappointing losses, Bitcoin (BTC) is poised for its lowest weekly close so far this month on April 10.

BTC/USD 1 hour candle chart (Bitstamp). Source: TradingView

Trader: BTC “Gives People a Second Chance”

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hovering around $42,700 on Sunday, with the weekly candle still hours away.

The pair fell at the close of trading on Wall Street on Friday, and the weekend provided some nervous calm as support at $42,000 remained intact.

For popular trader and analyst Rekt Capital, there are reasons to be optimistic despite losses of nearly 10% over the past seven days.

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Rekt Capital highlighted three key moving averages currently being tested as support, noting that historically, rebounds from them have been preceded by “strong bullish momentum.”

“Technically, anything above $38,000 is a macro higher low for BTC,” he said Saturday.

As Cointelegraph reported, macro pressures have been the backdrop for gloomy sentiment throughout the week, with worries about a stronger U.S. dollar remaining on the day.

“The moment DXY peaks (probably soon), the next bull run will begin. It will be an epic bull run,” predicts Cointelegraph contributor Michaël van de Poppe, similarly taking a more hopeful view.

Blockchain protocol Terra continued to buy BTC on Sunday, with the associated nonprofit Luna Foundation Guard (LFG) adding 4,130 BTC to its wallet, a source of long-term optimism.

According to on-chain monitoring resource BitInfoCharts, the given wallet is the 19th largest wallet in existence, with a balance of 39,897.98 BTC ($1.7 billion).

LFG Bitcoin wallet data summary (screenshot). Source: BitInfoCharts

Dogecoin stands out among major altcoins

Altcoins were also flat on the day, with the top 10 cryptocurrencies by market cap rising or falling by no more than 1%.

Related: Monero Beats Crypto Market Plunge With 10% XMR Price Rally – What’s Next?

Terra’s LUNA and Solana (SOL) battled to be the worst performer compared to the same time last week, both with care losses of around 18%.

DOGE/USD 1-hour candle (Binance). Source: TradingView

However, outside the top ten, Dogecoin (DOGE) once again outperformed the others, gaining 8.3% in 24 hours.

DOGE/USD hit $0.158, the highest level since April 6, on the back of continued hype from Tesla CEO Elon Musk. Musk’s suggestions over the weekend included Twitter, which he bought in bulk last week, accepting payment from DOGE.

The views and opinions expressed here are those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk and you should do your own research when making a decision.



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