Bitcoin Extends Pullback Toward $40K-$43K Support
BTC broke below a monthlong uptrend.
Apr 6, 2022 at 6:08 p.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/IGCAL3VFIRG5FIYNBODZE6GC4U.png)
Bitcoin (BTC) remains in pullback mode after failing to break above the $48,000 resistance level last week.
The cryptocurrency was trading at around $43,900 at press time and could find support at $40,000-$43,000.
BTC is down 4% over the past 24 hours, which is less than some popular alternative cryptocurrencies (altcoins), indicating a lower appetite for risk among crypto traders.
On intraday charts, BTC broke below a monthlong uptrend. That means short-term sellers are in control, especially after the breakout level of around $45,000 was rejected on Tuesday.
Recent breakdowns on the charts have confirmed negative momentum signals, although pullbacks appear to be limited. For now, the broader recovery from January lows remains intact.
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Damanick was a crypto market analyst at CoinDesk where he wrote the daily Market Wrap and provided technical analysis. He is a Chartered Market Technician designation holder and member of the CMT Association. Damanick is also a portfolio strategist and does not invest in digital assets.
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