The week of trading in the Bitcoin market did not end on a positive note. Buyers have failed to break the consolidation trap what we talked about in the previous article.
Since buyers were unable to break the white curve and fix above $55,000-55,700, sellers continued the wave of the BTCUSDT price fall. The weekly candle in the BTC market closed with poor prospects for buyers. However, a clearer picture is revealed by the 3-day timeframe:
BTC Buyers Return to Place Where They Started the Growth Wave
As we can see in the chart, the Bitcoin price has stopped in the range $46,000-48,500. At the end of February, buyers started a new growth attempt from this range, but without good volumes. Buyers’ control of this range and the beginning of a counterattack from the first hours of the new week testifies to their unfinished plans. A positive scenario in this situation is possible after a successful test of the local level of $53,440:
If the current growth momentum continues to move without correction, buyers may not allow the correction below $53,440. Please note that from the beginning this mark was broken down on 22 April, trading volumes on the BTC market increased. With these high volumes, the Bitcoin price began to slow down. This scenario drives the BTC price to the test of $61,000.
Though, for this scenario, there would also be a valid test case for the local range of $49,500-50,500. In this range, a liquidity zone has formed after a powerful BTC drain. Therefore, it is worth keeping an eye on how strong the sellers are at the moment. The slow fall of the BTC price from $55,700 on low volumes will confirm a positive scenario for the BTCUSD market and give a good chance to buy Bitcoin with low risks.
Under what situation in the Bitcoin market is it possible to test the range of $38,000-40,000
The continuation of the active fall and the break of $53,440 will force us to continue to monitor the situation in the market without positions. Below the range $46,000-48,500, sellers will feel free up to the range of $38,000-40,000. Given that the BTC impact on the crypto market will soon be less than 50%. It is likely that investors globally fix profits after a half-year without a corrective growth trend:
In case of a deep correction in the Bitcoin market, we would not want to get stuck in falling altcoins indefinitely.