Bears control Bitcoin price, but traders say the $40K zone is still good ‘for longs’
Traders faced another day of red markets on April 14 after the weakness in equities markets continued to put a damper on crypto prices.
Data from Cointelegraph Markets Pro and TradingView shows that after holding onto support above $41,000 in the early hours of April 14, the price of Bitcoin (BTC) was slammed back below $40,000 in the afternoon session and hit a daily low of $39,550.
Here’s a look at what analysts are saying about the short-term outlook for Bitcoin.
Bitcoin's price action on the monthly chart was discussed by markets analyst and pseudonymous Twitter user Rekt Capital, who posted the following chart showing what happened when the $47,000 resistance level was rejected in September 2021.
Similar to the current price action, the move in September also dropped to the blue support line at $41,300 “and also respected a green higher low.”
Rekt Captial said,
A similar outlook was expressed by crypto analyst and pseudonymous Twitter user Decodejar, who posted the following chart stating, “Bitcoin needs to find support above $42,000.”
Cryptocurrency analyst Michaël van de Poppe sees the current price action for Bitcoin as “a pretty standard playing field here” based on the following chart posted on Twitter.
van de Poppe said,
Related: Bitcoin bulls need to reclaim $41K ahead of Friday’s $615M BTC options expiry
Insight into the long-term outlook for Bitcoin based on the percentage of supply held in profit was explored by analyst On-Chain College, who posted the following chart noting that the metric had “bounced off the ~62.5% level three times this year.”
On-Chain College said,
A second observation suggesting a bullish future for BTC was mentioned by crypto analyst and pseudonymous Twitter user TAnalyst, who posted the
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