{"id":430674,"date":"2022-04-13T01:00:00","date_gmt":"2022-04-12T22:00:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-price-slides-below-40k-following-a-lackluster-breakout\/"},"modified":"2022-04-13T01:00:00","modified_gmt":"2022-04-12T22:00:00","slug":"bitcoin-price-slides-below-40k-following-a-lackluster-breakout","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-slides-below-40k-following-a-lackluster-breakout\/","title":{"rendered":"# Bitcoin price slides below $40K following a \u2018lackluster\u2019 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-6a36e7155dc15\" 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-6a36e7155dc15\" 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-price-slides-below-40k-following-a-lackluster-breakout\/#%E2%80%9D_Bitcoin_price_slides_below_40K_following_a_%E2%80%98lackluster_breakout_%E2%80%9C\" >&#8221; Bitcoin price slides below $40K following a \u2018lackluster\u2019 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-price-slides-below-40k-following-a-lackluster-breakout\/#Bitcoin_is_simply_re-testing_a_major_SR_zone\" >Bitcoin is simply re-testing a major S\/R zone<\/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-price-slides-below-40k-following-a-lackluster-breakout\/#Some_analysts_project_a_lackluster_recovery\" >Some analysts project a lackluster recovery<\/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-price-slides-below-40k-following-a-lackluster-breakout\/#A_%E2%80%9CMEGA_PUMP%E2%80%9D_is_coming\" >A \u201cMEGA PUMP\u201d is coming<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Bitcoin_price_slides_below_40K_following_a_%E2%80%98lackluster_breakout_%E2%80%9C\"><\/span>&#8221; Bitcoin price slides below $40K following a \u2018lackluster\u2019 breakout &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-2a0745c6>Extreme fear is once again the dominating sentiment across the cryptocurrency community after Bitcoin (BTC) faced another day of trading below the $40,000 level and the United States gr<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>les with the highest Consumer Price Index (CPI) print since 1981.\u00a0<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-04\/89414063-62fe-4ad4-bb92-c82ea63420c5.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>Crypto Fear &amp; Greed Index. Source: Alternative.me<\/em><\/figcaption><\/figure>\n<p>Data from Cointelegraph Markets Pro and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/\">TradingView<\/a> shows that an early morning attempt to rally above $40,000 ran into a wall of resistance at $40,650 and BTC price eventually tumbled back below $39,600. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-04\/bad1627b-45c8-4e06-a6c9-85ffa0388721.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USDT 1-day chart. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>Here\u2019s a look at what several analysts are saying about the current state of Bitcoin and what could potentially come next as financial markets grapple with an increasing amount of uncertainty. <\/p>\n<h2><span class=\"ez-toc-section\" id=\"Bitcoin_is_simply_re-testing_a_major_SR_zone\"><\/span>Bitcoin is simply re-testing a major S\/R zone<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The current price action for Bitcoin is largely seen as a retest of a major support and resistance (S\/R) zone according to crypto analyst and pseudonymous <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> user \u2018Credible Crypto\u2019, who <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CredibleCrypto\/status\/1513616124759494658\">posted<\/a> the following chart outlining the multiple retests of this level going back to 2020.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-04\/8340179d-03ce-432a-b338-2925abc49dd9.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 1-week chart. Source: Twitter<\/em><\/figcaption><\/figure>\n<p>According to Credible Crypto, both the middle green circle and the last red circle provide past examples of intra-week movements that went above or below the weekly level, \u201cbut it means nothing without a close to confirm.\u201d <\/p>\n<p>Credible Crypto said, <\/p>\n<blockquote><p>\u201cGive me a close below BLUE and I&#8217;ll change my tune, but for now there is no reason to.\u201d<\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"Some_analysts_project_a_lackluster_recovery\"><\/span>Some analysts project a lackluster recovery<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Insight into the on-chain behavior of Bitcoin investors was discussed in the most recent weekly report from Glassnode, which noted that there has been \u201ca modest volume of profit-taking by investors\u201d following the BTC breakout-out from a multi-month consolidation range. <\/p>\n<p>According to Glassnode, \u201cthe market has seen around 13,300 BTC in profits realized each day since mid-February\u201d and while this value is not \u201chistorically extreme,\u201d it does appear to \u201cbe providing sufficient headwinds to prices.\u201d<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-04\/1193edc8-494e-4b40-8b4b-2ce0b20a0f7d.png\"><figcaption style=\"text-align: center;\"><em>Bitcoin realized profit. Source: Glassnode<\/em><\/figcaption><\/figure>\n<p>Overall, the recent recovery for Bitcoin has been relatively subdued with the market waiting for some major catalyst to help bring fresh momentum and new inflows into the cryptocurrency market. <\/p>\n<p>Glassnode said, <\/p>\n<blockquote><p>\u201cEspecially across on-chain activity metrics like transaction counts and active users, the recovery has thus far been relatively lackluster and continues to suggest Bitcoin is a HODLer dominated market, with few new investors flowing in.\u201d<\/p><\/blockquote>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Ethereum price &#8216;bullish triangle&#8217; puts 4-year highs vs. Bitcoin within reach<\/em><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"A_%E2%80%9CMEGA_PUMP%E2%80%9D_is_coming\"><\/span>A \u201cMEGA PUMP\u201d is coming<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>A strongly bullish narrative was highlighted by crypto trader \u2018BTCfuel\u2019, who <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/BTCfuel\/status\/1513853296632643590\">posted<\/a> the following chart outlining the possibility of an impending \u201cmega pump\u201d from Bitcoin. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-04\/9277ac74-2be2-4581-b4fc-f33fc3326117.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USDT 1-day chart. Source: Twitter<\/em><\/figcaption><\/figure>\n<p>BTCfuel said, <\/p>\n<blockquote><p>\u201cWhen looking at the RSI, the 2022 Bitcoin correction is very similar to 2021. Strong BULLISH move imminent.\u201d<\/p><\/blockquote>\n<p>The overall cryptocurrency market cap now stands at $1.850 trillion and Bitcoin\u2019s dominance rate is 40.9%.<\/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><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\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-price-slides-below-40k-following-a-lackluster-breakout\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Bitcoin price slides below $40K following a \u2018lackluster\u2019 breakout &#8220; Extreme fear is once again the dominating sentiment across the cryptocurrency community after Bitcoin (BTC) faced another day of trading below the $40,000 level and the United States grapples with the highest Consumer Price Index (CPI) print since 1981.\u00a0 Crypto Fear &amp; Greed Index&#8230;.<\/p>\n","protected":false},"author":1,"featured_media":430675,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDQvNjg4MzhkNGUtY2ZkZi00YmJjLTg5NTAtYjE0M2ZhN2ExOTg3LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,74982,74863,75150,70551,73785],"class_list":["post-430674","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-inflation","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/430674","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=430674"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/430674\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/430675"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=430674"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=430674"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=430674"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}