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Bitcoin Regains $40K as Sentiment Turns to ‘Extreme Fear’

Dreal Frankie by Dreal Frankie
April 16, 2022
in Crypto news, News
0
Some analysts continue to remain bullish on the future prices of the world’s largest cryptocurrency.

Crypto markets continued a second day of slide on Friday as bitcoin hovered above pivotal support at $40,000 in European hours, data show.

Bitcoin bounced to $40,100 early Friday, after losing 2.9% Thursday.

Bitcoin is trading near the $40,000 support level, which runs through the lows of the first three months of the year. Current price action is, however, a sign of alarm among some traders.

“A formal signal to break the support will be considered a failure under the previous lows in the $38,000 area,” Alex Kuptsikevich, senior financial analyst at FxPro, wrote in an email to CoinDesk. “The ability to develop a reversal to the offensive from these levels, on the contrary, will reinforce the importance of this moderate uptrend line.”

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