Bitfinex heavyweights are not the only ones that see the current Bitcoin price as a lucrative buying opportunity. On April 9, Bitcoin headed to $42,000 after the bulls failed to spark any late-week turnaround.
Market data acquired from TradingView showed BTC/USD gradually dissolving support levels in place for many weeks as the weekend started. After several tests of $43,000, that region eventually gave way to see the crypto plunge to lows of $42,100 on Bitstamp, which is its lowest level since March 23.
The bulls were hoping to record a rescue move but it was all painful, with cross-crypto liquidations reaching $200 million in the last 24 hours to the time of writing. All this information was confirmed by the data acquired from the on-chain monitoring resource Coinglass.
For the investors and traders, the near-term outlook was therefore strongly bearish in character. One popular commentator and analyst Crypto Ed projected that there would be a retest of $40,000. However, he was quick to add that Bitcoin might not stop there in its downside movement.
He warned Twitter followers:
“As long as it doesn’t reclaim 44k or even better 45-46, I’m afraid we have to be ready for more downside and at least retesting 40k and maybe even lower. Like I said a week ago, not trusting anymore those moves up.”
An accompanying chart indicated a projected multi-step downtrend with some significant support levels at $40,000 and $37,500.
The co-founders of on-chain analytics firm Glassnode, Yann Allemann, and Jan Happel, in the meantime, drew attention to the possibility of volatility due to the lower weekend market volumes.
https://twitter.com/Negentropic_/status/1512571258478682115
When compared to the previous week, Bitcoin’s weekly candle is set to close Sunday with nearly $5,000 in losses translating to around 10% shed by the flagship crypto.
Buy Bitcoin NowNothing Stops Bitfinex Bitcoin Whales
Despite the gloomy outlook, not everyone is trying to leave the market.
Based on the latest data, Bitcoin whales were busy acquiring more coins from the sellers, with the Bitfinex exchange recording some of the most notable bid volumes getting filled.
More bids being filled… $BTC https://t.co/CKj7zF7yXW pic.twitter.com/cF48gAYxax
— CrediBULL Crypto (@CredibleCrypto) April 9, 2022
Previously, reports emerged on the importance of Bitfinex whales and their buying and selling habits in 2022.
Another huge-volume wallet of mysterious origin also continued to acquire millions of dollars’ worth of BTC at regular intervals irrespective of price action. That is a strategy that is referred to as dollar-cost averaging.
