{"id":425197,"date":"2022-04-01T23:59:27","date_gmt":"2022-04-01T20:59:27","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-recovers-the-46k-level-but-several-factors-could-prevent-a-stronger-breakout\/"},"modified":"2022-04-01T23:59:27","modified_gmt":"2022-04-01T20:59:27","slug":"bitcoin-recovers-the-46k-level-but-several-factors-could-prevent-a-stronger-breakout","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-recovers-the-46k-level-but-several-factors-could-prevent-a-stronger-breakout\/","title":{"rendered":"# Bitcoin recovers the $46K level, but several factors could prevent a stronger breakout"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3dcc0d910f2\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3dcc0d910f2\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-recovers-the-46k-level-but-several-factors-could-prevent-a-stronger-breakout\/#%E2%80%9D_Bitcoin_recovers_the_46K_level_but_several_factors_could_prevent_a_stronger_breakout_%E2%80%9C\" >&#8221; Bitcoin recovers the $46K level, but several factors could prevent a stronger breakout &#8220;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-recovers-the-46k-level-but-several-factors-could-prevent-a-stronger-breakout\/#The_macro_environment_continues_to_impact_BTC_price\" >The macro environment continues to impact BTC price<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-recovers-the-46k-level-but-several-factors-could-prevent-a-stronger-breakout\/#Traders_are_waiting_to_break_above_48000\" >Traders are waiting to break above $48,000<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-recovers-the-46k-level-but-several-factors-could-prevent-a-stronger-breakout\/#BTC_is_at_the_end_of_a_major_corrective_period\" >BTC is at the end of a major corrective period<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Bitcoin_recovers_the_46K_level_but_several_factors_could_prevent_a_stronger_breakout_%E2%80%9C\"><\/span>&#8221; Bitcoin recovers the $46K level, but several factors could prevent a stronger breakout &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-2a0745c6>After dropping below $45,000 on March 31, Bitcoin (BTC)\u00a0surprised investors with a quicker-than-expected recovery to the $46,500 level.<\/p>\n<p>Data from Cointelegraph Markets Pro and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/\">TradingView<\/a> shows that bears managed to drop BTC to an overnight low of $44,210 before bulls showed up in force to lift the price back above $46,500 by midday. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-04\/d5261509-ee56-434f-9663-4ff36ea98de5.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USDT 1-day chart. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>Here\u2019s what several analysts are saying about the short-term outlook for Bitcoin moving forward and what developments could present headwinds for the top cryptocurrency as a new month gets underway.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"The_macro_environment_continues_to_impact_BTC_price\"><\/span>The macro environment continues to impact BTC price<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Events in the global financial market continue to have a large impact on cryptocurrency markets and are likely to continue to do so for the foreseeable future. <\/p>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/macrohive.com\/category\/bitcoin-crypto\/\">According<\/a> to Macro Hive CEO Bilal Hafeez, \u201ccurrently macro is dominating Bitcoin\u201d as evidenced by the \u201clast few days of equity weakness\u201d that \u201chas also led to Bitcoin declines.\u201d<\/p>\n<p>Hafeez also pointed to higher interest rates in the United States, a more hawkish Fed and weakness in the Chinese markets as reasons for the current volatility in equities markets.<\/p>\n<p>While these macro events continue to weigh on financial markets, Macro Hive noted that there are signs of hope in Bitcoin-specific metrics. <\/p>\n<p>Hafeez said, <\/p>\n<blockquote><p>\u201cBitcoin-specific dynamics are bullish with renewed exchange-traded fund (ETF) inflows, open interest rising and HODLers accumulating.\u201d<\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"Traders_are_waiting_to_break_above_48000\"><\/span>Traders are waiting to break above $48,000<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The pullback in BTC price over the past 24-hours was somewhat expected, according to David Lifchitz, managing partner and chief investment officer at ExoAlpha. Lifchitz pointed to Bitcoin&#8217;s \u201cseven-day win streak\u201d and tend-of-the-quarter activity from institutional investors as contributing to the decline. <\/p>\n<p>Despite the pullback on March 31, Lifchitz indicated that \u201cthe upside support trendline from March 21 remains intact,\u201d and will likely hold as support moving forward barring \u201ca revisit of the low $40,000s in the next couple of days.\u201d <\/p>\n<p>\u201cWildcards\u201d identified by Lifchitz that could affect this outlook include \u201cthe situation in Ukraine, the EU financial commission going after crypto with a vengeance and the Mt. Gox liquidation that could come any day.\u201d<\/p>\n<p>Lifchitz said, <\/p>\n<blockquote><p>\u201cA break above $48,000, then $51,000 is what the bulls are looking for, so we&#8217;ll see if they are served next week (new quarter = potential for new institutional inflows.\u201d<\/p><\/blockquote>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Just 2 million Bitcoin left: Bitcoin hits the 19 million milestone<\/em><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"BTC_is_at_the_end_of_a_major_corrective_period\"><\/span>BTC is at the end of a major corrective period<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>A final bit of reassurance was provided by market analyst Will Clemente, who <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/WClementeIII\/status\/1509910032804110357\">posted<\/a> the following chart noting the \u201cpretty clean reaction from BTC so far on this pullback.\u201d<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-04\/a76f72d9-03a6-4315-91a0-00a62292c788.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USDT 1-day chart. Source: <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a><\/em><\/figcaption><\/figure>\n<p>The significance of April 1&#8217;s bounce was succinctly summarized by market analyst and pseudonymous Twitter user PlanC.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">The 128-Day SMA is currently at $43,972. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a><\/p>\n<p>We broke it and than on this pullback <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/BTC?src=hash&amp;ref_src=twsrc%5Etfw\">#BTC<\/a> bounced hard at $44,200. <\/p>\n<p>In all previous cycles (5\/5 times), a break of the 128-Day SMA signalled the major corrective \/ accumulation periods were finished. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Crypto?src=hash&amp;ref_src=twsrc%5Etfw\">#Crypto<\/a><\/p>\n<p>\u2014 Plan\u00a9\ufe0f (@TheRealPlanC) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/TheRealPlanC\/status\/1509936620933459986?ref_src=twsrc%5Etfw\">April 1, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The overall cryptocurrency market cap now stands at $2.137 trillion and Bitcoin\u2019s dominance rate is 41.1%.<\/p>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/p>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-recovers-the-46k-level-but-several-factors-could-prevent-a-stronger-breakout\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Bitcoin recovers the $46K level, but several factors could prevent a stronger breakout &#8220; After dropping below $45,000 on March 31, Bitcoin (BTC)\u00a0surprised investors with a quicker-than-expected recovery to the $46,500 level. Data from Cointelegraph Markets Pro and TradingView shows that bears managed to drop BTC to an overnight low of $44,210 before bulls&#8230;<\/p>\n","protected":false},"author":1,"featured_media":425198,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDQvNmIyNmE4ZjUtN2I3ZS00MmI0LWEyZmItNWQ1NGNmOTc5ODZlLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,74982,74863,75150,73785],"class_list":["post-425197","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-btc-markets","tag-cryptocurrencies","tag-market-update","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/425197","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=425197"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/425197\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/425198"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=425197"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=425197"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=425197"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}