Bitcoin spoofs $39.5K breakout at Wall St open as Elon Musk Twitter takeover nears

Bitcoin (BTC) saw a classic “fake out” move on April 25 as volatility kept traders firmly on edge.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Traders stay gloomy on BTC outlook

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD briefly climbing almost $1,000 as April 25’s Wall Street trading session began.

The move was short-lived, the pair coming back down to where it started within an hour after hitting local highs of $39,517 on Bitstamp. 

April 25 had begun with a whimper for Bitcoin bulls, who lost ground on the weekly close and failed to avoid $40,000 flipping to resistance on daily timeframes.

For popular trader Crypto Ed, $30,000 was still on the table as a potential short-term target. 

“To me, it seems any bounce we see in the coming days is a short-lived bounce,” he said in his latest YouTube update, forecasting a “red week.”

Crypto Ed added that a push above $40,500 would provide a reason to be “slightly bullish.”

Downside momentum had increased after Asian stocks lost heavily over Coronavirus concerns in China. European markets fared better on the open, while in the United States, the Nasdaq 100 even managed to start gaining in the second hour of trading.

The S&P 500 was still down 0.43% at the time of writing, nonetheless attempting to make up for lost ground.

BTC went for another pop as NASDAQ is bouncing/reliefing a bit harder here.

The fight for $39,500 area on BTC will be crucial imo.

— 8,731-541 (94.1%) / #1 CRYPTO SIGNALS/ DM OPEN (@BinanceKiller) April 25, 2022

Popular Twitter account John Wick meanwhile voiced caution about making any trades up or down based on current price action.

“Waiting this out was a good decision. Still no viable long setup. We have not made lower lows though. Same range for now,” he told followers on the day.

“There is however a squeeze forming. We’ll have to wait for the resolve of the breakout.”BTC/USD annotated chart. Source: John Wick/ Twitter

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