Crypto Ed, a well-known trader, assumed that the market would continue to decline.
On Good Friday, the US financial markets were closed.
BTC’s $40,000 crossover on April 15 deceived no one, as traders remained risk-averse on BTC. After returning to the $39,500 area on April 14, BTC/USD data indicated a slight bounce. The move reversed an earlier week’s high, highlighting the absence of positive market momentum despite the apparent desire for Bitcoin from institutional investors.
Crypto Ed, a well-known trader, assumed that the market would continue to decline. However, he cautioned viewers that current levels were not suited for a long position in his most recent YouTube post. On April 15, BTC/USD was trading at roughly $40,150 at this writing, having touched $40,400 earlier in the day. Miles Johal, a market expert, highlighted that the pair were now interacting with the 0.75 Fibonacci level, which has served as a support feature throughout the year.
Four-year Halving Cycles
On Good Friday, the US financial markets were closed, allowing crypto traders to avoid connected price movements. However, there was renewed interest in Bitcoin’s growth’s “supercycle” theory elsewhere.
Before, this popular theory argued that the approximately four-year halving cycles that determine BTC’s price are not the only factors at play. The lack of a “blow-off peak” after the next block subsidy decrease in Q4 2021, according to others, might be explained by this. Instead, BTC/USD may just be consolidating, with most of its gains yet to come.
Moreover, crypto analyst Crypto Rover tweeted about Bitcoin could bounce off the levels using a chart attached. He was optimistic about Bitcoin rising further. According to CoinMarketCap, the Bitcoin price today is $40,059.76 USD with a 24-hour trading volume of $24,882,030,803 USD. Bitcoin has been down 1.24% in the last 24 hours.