Bitcoin fails to hold $40K with traders still hoping for a BTC price relief bounce

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Bitcoin fails to hold $40K with traders still hoping for a BTC price relief bounce
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Bitcoin (BTC) topped $40,000 at Wall Street’s open on April 26 as its latest relief rally lasted less than 24 hours.

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

$39,500 Seen as BTC Safety Net

Data from Cointelegraph Markets Pro and TradingView shows that BTC/USD fell from its local high of $40,800 on April 26.

At the time of writing, volatility is evident, with bulls and bears fighting for $40,000, a level that was broken during the April 25 rally.

U.S. stocks contributed to the return of sell-side pressure, with the Nasdaq 100 tumbling 1.5% at the open and the S&P 500 down nearly 1%.

Binance

For popular trader Crypto Ed, $39,500 is possible and $42,800 is possible before another easing rally drives the market higher.

A similar point was made by analyst and trader Rekt Capital, who found underlying relative strength index (RSI) support as a reason to expect a continuation of bullishness after a possible decline.

“BTC may be falling right now, but the red diagonal line on the RSI shows that the current rally is not over,” he tweeted alongside a chart showing the setup.

“$BTC could drop into the red zone but should be able to enjoy a trend continuation after a successful retest.”

Annotated chart of BTC/USD with RSI. Source: Rekt Capital/Twitter

As Cointelegraph reported, RSI has been responsible for various short-term breakouts in BTC/USD in recent months.

Dogecoin Holds Twitter-Inspired Gains

Among altcoins, Dogecoin (DOGE) once again led the way, with its latest gains pushing it back into the top 10 cryptocurrencies by market cap.

Related: Dogecoin Price Risks 40% Correction Despite Elon Musk-Twitter Ecstasy

DOGE/USD is up in 24 hours at the time of writing, DOGE, best known as his pet crypto asset that profited from Tesla CEO Elon Musk’s closing deal to buy Twitter 11%.

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

Terra’s LUNA token also performed well, while the largest altcoin, ether (ETH), copied bitcoin, failing to find major support, this time at $3,000.

However, Rekt Capital believes that despite the weakness on the lower time frame, ETH/USD remains firm on the monthly time frame.

The views and opinions expressed herein 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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