BTC/USD Commences a Range Bound Move as Bitcoin Holds Above $42K

BTC Price Rebounds as Bitcoin Holds Above $42K – April 9, 2022

BTC/USD has further declined to the low of $42,137 as Bitcoin holds above $42K. Bitcoin is confined between the moving averages as BTC price holds above the 50-day line moving. The largest cryptocurrency is likely to commence a range-bound move between the moving averages.

Resistance Levels: $70,000, $75,000, $80,000
Support Levels: $50,000, $45,000, $40,000

Following the rejection at the $48,000 resistance, the market has declined to the oversold region. Bitcoin has fallen to the low above $42,137 or the 50-day line moving average. The crypto will commence a range-bound move if the 50-day line SMA holds. In other words, the BTC price will be fluctuating between the moving average lines. Bitcoin’s (BTC) price will resume trending when the moving lines are broken. On the downside, if sellers break below the 50-day line SMA, BTC/USD will decline to a $37,577 low. The $37,000 support has been the crucial support for Bitcoin.

Buyers will defend this price level if the market declines to this low. In the same vein, if the BTC price rebounds above the $42,137 support, it will rally and break above the 21-day line moving average. The bullish momentum will extend to retest or break the $48,000 overhead resistance. Bitcoin will resume upside momentum when the $48,000 resistance is breached. The market will rally above the $50,000 psychological price level.

Russians Hold $130 in Cryptocurrency without a Regulatory Framework

Russian Prime Minister Mikhail Mishustin has indicated that the cryptocurrency holdings of Russians are worth billions of dollars but the government has not put in place a regulatory framework for the industry. The minister made this claim after an annual report presentation by the Russian government. He further stated that the amount is based on “various estimates,” stating: “We are well aware that we have more than 10 million young people having opened .crypto wallets so far on which they have transferred significant amounts of money, which exceeds 10 trillion rubles.” The Russian Central Bank has been one of the biggest opponents of Bitcoin adoption, with Bank of Russia Governor Elvira Nabiullina encouraging the ban of Bitcoin at the beginning of the year.

Today, BTC’s price rebounds above the $42,137 as Bitcoin holds above $42K. However, the bears pushed the price downward. Meanwhile, on April 7 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the BTC price will fall but reverse at level 1.272 Fibonacci extension or $41,685.90. From the price action, Bitcoin has reversed from the recent downtrend.

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