Bitcoin (BTC) prepared for its lowest weekly close of the month so far on April 10 after a week of disappointing losses.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
Trader: BTC “giving people a second chance”
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD circling $42,700 Sunday with a matter of hours to go until the conclusion of the weekly candle.
The pair had fallen into the end of Wall Street trading Friday, while the weekend provided some nervous calm as $42,000 support remained intact.
For popular trader and analyst Rekt Capital, there was still cause for optimism despite the past seven days seeing losses of nearly 10%.
This #BTC pullback is a second chance for a lot of people
If you promised yourself that you’ll buy $BTC when it goes lower
And vowed that you wouldn’t miss the next uptrend
Do yourself a favour
And follow your own advice#Crypto #Bitcoin
— Rekt Capital (@rektcapital) April 10, 2022
Rekt Capital highlighted three key moving averages currently being tested as support, noting that historically, bouncing off them had preceded “strong bullish momentum.”
“Technically speaking, anything above ~$38000 is a macro Higher Low for BTC,” he had said Saturday.
Macro pressure had formed the backdrop to the gloomy mood throughout the week, as Cointelegraph reported, and concerns over U.S. dollar strength remained on the day.
“The moment the DXY is topped out (which could be soon), the next bull run will start. And that one is going to be an epic one,” Cointelegraph contributor Michaël van de Poppe forecast, likewise adopting a more hopeful perspective.
In what was becoming a perennial source of optimism, Blockchain protocol Terra continued its BTC buys Sunday, with associated nonprofit the Luna Foundation Guard (LFG) adding 4,130 BTC to its wallet.
According to on-chain monitoring resource BitInfoCharts, the given wallet was the 19th largest in existence with a balance of 39,897.98 BTC ($1.7 billion).
LFG Bitcoin wallet data summary (screenshot). Source: BitInfoCharts
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