{"id":487529,"date":"2022-04-04T19:14:05","date_gmt":"2022-04-04T19:14:05","guid":{"rendered":"https:\/\/wncen.com\/?p=487529"},"modified":"2024-06-11T14:18:56","modified_gmt":"2024-06-11T14:18:56","slug":"dont-look-down-bitcoin-ready-to-re-test-support-zone-at-44k","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/dont-look-down-bitcoin-ready-to-re-test-support-zone-at-44k\/","title":{"rendered":"Don&#8217;t Look Down: Bitcoin Ready To Re-Test Support Zone At $44K?"},"content":{"rendered":"<p>Bitcoin faces short term downside price action. The first crypto by market cap has been rejected once again as it tries to reclaim the high area around its current levels and could test its next critical support zone.<\/p>\n<p style=\"text-align: center\"><strong>Related Reading | <a href=\"https:\/\/wncen.com\/analysis\/eth\/full-speed-ahead-ethereum-turns-bullish-in-the-long-term\/\" target=\"_blank\" rel=\"noopener \">Full Speed Ahead: Ethereum Turns Bullish In The Long Term<\/a><\/strong><\/p>\n<p>At the time of writing, Bitcoin trades at $45,500 with a 2% loss in the last 24-hours and the past week. The benchmark crypto experienced a relief rally into these levels, but bulls have been unable to sustain momentum beyond this period.<\/p>\n<figure id=\"attachment_487534\" aria-describedby=\"caption-attachment-487534\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-487534 size-large\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/04\/Bitcoin-BTC-BTCUSD.png?resize=860%2C386\" alt=\"Bitcoin BTC BTCUSD\" width=\"860\" height=\"386\"><figcaption id=\"caption-attachment-487534\" class=\"wp-caption-text\">BTC&#8217;s price moving sideways on the 4-hour chart. Source: <a href=\"https:\/\/www.tradingview.com\/chart\/1GNYms9y\/?symbol=BITSTAMP%3ABTCUSD\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD Tradingview<\/a><\/figcaption><\/figure>\n<p>As Bitcoin trends to the downside, there is around $20 million in bids orders that could operate as support, according to Data from Material Indicators (MI).<\/p>\n<p>As seen below, $44,000 holds the biggest support with $11 million in bids orders. MI records intensive selling from Binance order books, inventors have been dumping as much as $50 million in the last day which has contributed with BTC\u2019s price downside action.<\/p>\n<figure id=\"attachment_487532\" aria-describedby=\"caption-attachment-487532\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-487532 size-large\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/04\/Bitcoin-BTC-BTCUSD-M1.png?resize=860%2C289\" alt=\"Bitcoin BTC BTCUSD M1\" width=\"860\" height=\"289\"><figcaption id=\"caption-attachment-487532\" class=\"wp-caption-text\">BTC (blue line) with low support levels (bids orders below price). Source: Material Indicators.<\/figcaption><\/figure>\n<p>To the upside, resistance seems heavy and could prevent Bitcoin from reclaiming previous highs. MI records over $40 million in asks or selling orders. The increase in selling pressure suggest the bears could take over the price action, at least, in the short term.<\/p>\n<p>If the bulls are able to sustain current levels, which seems unlikely due to the above, BTC\u2019s price could squeeze late shorters and make another run into $48,000 and $50,000. However, Bitcoin has been unable to break above these levels.<\/p>\n<p>Since the start of 2022, BTC\u2019s price has been moving in a close range between $35,000 to $48,000. The current relief rally was triggered by more clarity around the U.S. Federal Reserve (FED) monetary policy.<\/p>\n<p>The rally has been mainly driven by retail investors, in short timeframes, they have been the only investors class buying into this recent price action. This adds up to the potential bearish thesis as retail lack the firepower to sustain these levels.<\/p>\n<p>As noted by analyst Will Clemente <a href=\"https:\/\/twitter.com\/WClementeIII\/status\/67599874?s=20&amp;t=wyLmy4oUY6vD9oSE0YgTtA\" target=\"_blank\" rel=\"noopener nofollow\">offered<\/a> a different perspective:<\/p>\n<blockquote><p>This is a really interesting chart. Retail (0-1 BTC) is currently buying at the second-highest rate in Bitcoin&#8217;s history. \u00a0Looking at retail&#8217;s holdings most spikes have coincided with macro tops, but on several occasions, they have bought strategically. This spike is an outlier.<\/p><\/blockquote>\n<figure id=\"attachment_487533\" aria-describedby=\"caption-attachment-487533\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-487533 size-large\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/04\/Bitcoin-BTC-BTCUSD.jpg?resize=860%2C484\" alt=\"Bitcoin BTC BTCUSD\" width=\"860\" height=\"484\"><figcaption id=\"caption-attachment-487533\" class=\"wp-caption-text\">Source: William Clemente via Twitter<\/figcaption><\/figure>\n<h2>Bitcoin In The Long Term, Retail Buying Marked The Top?<\/h2>\n<p>As mentioned, the U.S. FED decided to begin its tapering process. This could have long term bearish implications for investors, but the financial institution was within market expectations.<\/p>\n<p>This new economic tightening cycle could unfold over the next year. In the meantime, Bitcoin and other cryptocurrencies could benefit from a shift in the current financial system.<\/p>\n<p>According to a report from QCP Capital, the global financial system has changed as a result of the confiscation of Russia\u2019s savings. The country invaded Ukraine and the international community responded with this measure.<\/p>\n<p style=\"text-align: center\"><strong>Related Reading |<\/strong> <strong><a href=\"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-bullish-30ma-sth-sopr-above-1-4-months\/\" target=\"_blank\" rel=\"noopener \">Bitcoin Bullish Signal: 30MA STH-SOPR Returns Above 1 After 4 Months<\/a><\/strong><\/p>\n<p>QCP Capital believes this will trigger a demand for neutral, global, and independent assets. The firm said:<\/p>\n<blockquote><p>Cryptocurrencies are quickly becoming an attractive alternative as an independent financial asset that is digitally storable, fungible and insulated from international control. In light of recent events, it is our view that we will soon see a major central bank or severing buy BTC \u2013 and that will be long-term bullish as BTC gradually moves towards being a reserve asset.<\/p><\/blockquote>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin faces short term downside price action. The first crypto by market cap has been rejected once again as it tries to reclaim the high area around its current levels and could test its next critical support zone. Related Reading | Full Speed Ahead: Ethereum Turns Bullish In The Long Term At the time of writing, Bitcoin trades at $45,500 with a 2% loss in the last 24-hours and the past week. The benchmark crypto experienced a relief rally into these levels, but bulls have been unable to sustain momentum beyond this period. As Bitcoin trends to the downside, there is around $20 million in bids orders that could operate as support, according to Data from Material Indicators (MI). As seen below, $44,000 holds the biggest support with $11 million in bids orders. MI records intensive selling from Binance order books, inventors have been dumping as much as $50 million in the last day which has contributed with BTC\u2019s price downside action. To the upside, resistance seems heavy and could prevent Bitcoin from reclaiming previous highs. MI records over $40 million in asks or selling orders. The increase in selling pressure suggest the bears could take over the price action, at least, in the short term. If the bulls are able to sustain current levels, which seems unlikely due to the above, BTC\u2019s price could squeeze late shorters and make another run into $48,000 and $50,000. However, Bitcoin has been unable to break above these levels. Since the start of 2022, BTC\u2019s price has been moving in a close range between $35,000 to $48,000. The current relief rally was triggered by more clarity around the U.S. Federal Reserve (FED) monetary policy. The rally has been mainly driven by retail investors, in short timeframes, they have been the only investors class buying into this recent price action. This adds up to the potential bearish thesis as retail lack the firepower to sustain these levels. As noted by analyst Will Clemente offered a different perspective: This is a really interesting chart. Retail (0-1 BTC) is currently buying at the second-highest rate in Bitcoin&#8217;s history. \u00a0Looking at retail&#8217;s holdings most spikes have coincided with macro tops, but on several occasions, they have bought strategically. This spike is an outlier. Bitcoin In The Long Term, Retail Buying Marked The Top? As mentioned, the U.S. FED decided to begin its tapering process. This could have long term bearish implications for investors, but the financial institution was within market expectations. This new economic tightening cycle could unfold over the next year. In the meantime, Bitcoin and other cryptocurrencies could benefit from a shift in the current financial system. According to a report from QCP Capital, the global financial system has changed as a result of the confiscation of Russia\u2019s savings. The country invaded Ukraine and the international community responded with this measure. Related Reading | Bitcoin Bullish Signal: 30MA STH-SOPR Returns Above 1 After 4 Months QCP Capital believes this will trigger a demand for neutral, global, and independent assets. The firm said: Cryptocurrencies are quickly becoming an attractive alternative as an independent financial asset that is digitally storable, fungible and insulated from international control. In light of recent events, it is our view that we will soon see a major central bank or severing buy BTC \u2013 and that will be long-term bullish as BTC gradually moves towards being a reserve asset. &nbsp;<\/p>\n","protected":false},"author":535,"featured_media":487341,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,1144],"class_list":["post-487529","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\n<title>Don&#039;t Look Down: Bitcoin Ready To Re-Test Support Zone At $44K?<\/title>\n<meta name=\"description\" content=\"Bitcoin faces short term downside price action. 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.\",\"sameAs\":[\"https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/\",\"https:\/\/x.com\/rl_m\"],\"url\":\"https:\/\/wncen.com\/author\/reynaldomarquez\/\"}]}<\/script>\n","yoast_head_json":{"title":"Don't Look Down: Bitcoin Ready To Re-Test Support Zone At $44K?","description":"Bitcoin faces short term downside price action. The first crypto by market cap has been rejected once again at around $47,000.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/wncen.com\/news\/dont-look-down-bitcoin-ready-to-re-test-support-zone-at-44k\/","og_locale":"en_US","og_type":"article","og_title":"Don't Look Down: Bitcoin Ready To Re-Test Support Zone At $44K?","og_description":"Bitcoin faces short term downside price action. 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.","sameAs":["https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/","https:\/\/x.com\/rl_m"],"url":"https:\/\/wncen.com\/author\/reynaldomarquez\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Don&#8217;t Look Down: Bitcoin Ready To Re-Test Support Zone At $44K?","url":"http:\/\/wncen.com\/news\/dont-look-down-bitcoin-ready-to-re-test-support-zone-at-44k\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/dont-look-down-bitcoin-ready-to-re-test-support-zone-at-44k\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/03\/yigit-ali-atasoy-z1jggXh29_Q-unsplash.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/03\/yigit-ali-atasoy-z1jggXh29_Q-unsplash.jpg?fit=640%2C360"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Reynaldo Marquez"}],"creator":["Reynaldo Marquez"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusd"],"dateCreated":"2022-04-04T19:14:05Z","datePublished":"2022-04-04T19:14:05Z","dateModified":"2024-06-11T14:18:56Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Don&#8217;t Look Down: Bitcoin Ready To Re-Test Support Zone At $44K?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/dont-look-down-bitcoin-ready-to-re-test-support-zone-at-44k\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/dont-look-down-bitcoin-ready-to-re-test-support-zone-at-44k\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/03\\\/yigit-ali-atasoy-z1jggXh29_Q-unsplash.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/03\\\/yigit-ali-atasoy-z1jggXh29_Q-unsplash.jpg?fit=640%2C360\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Reynaldo Marquez\"}],\"creator\":[\"Reynaldo Marquez\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusd\"],\"dateCreated\":\"2022-04-04T19:14:05Z\",\"datePublished\":\"2022-04-04T19:14:05Z\",\"dateModified\":\"2024-06-11T14:18:56Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/03\/yigit-ali-atasoy-z1jggXh29_Q-unsplash.jpg?fit=640%2C360","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/487529","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/535"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=487529"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/487529\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/487341"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=487529"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=487529"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=487529"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}