Bitcoin price stalls as traders warn BTC could dip lower than $55K

Bitcoin (BTC) barely recovered its losses on April 9 as fresh doubts emerged about the bull run continuing this month. After sliding 5% on Wednesday, BTC/USD saw only a modest rebound to circle $57,000 at the time of writing, Cointelegraph Markets Pro and TradingView showed. Following multiple failed attempts to crack resistance close to all-time highs, analysts were becoming wary of a further dip and a temporary halt to further price gains. Filbfilb, co-founder of trading suite Decentrader, described this week’s current floor of $56,760 as “not a convincing bottom.”

As reported on Wednesday, funding rates among trading platforms call for a shakeout of leveraged long positions from those overly bullish on a continuation. For Filbfilb, those rates remain “way too high,” he told subscribers of his Telegram trading channel. Popular Twitter trader Cantering Clark meanwhile pointed to Bitcoin’s 20-week moving average (MA) — a classic “line in the sand” for price performance — still lingering at around ,000.

Despite institutional interest continuing in recent weeks, fuelled by major new adoption announcements from banks, signs of a slowdown were also beginning to show on the day. The Purpose Bitcoin ETF saw a slight reduction in its BTC holdings after consistent growth, with its assets under management dipping in tandem from highs of 6 million to 4 million.

Fellow institutional portal Grayscale’s Bitcoin Trust (GBTC) maintained its negative premium, meanwhile, a phenomenon which has put pay to further Bitcoin accumulation since February. But not everyone was wholly gloomy. For trader trader Crypto Ed, the ultimate market trajectory was clear. “Not in a rush to get in a position,” he told Twitter followers on Thursday. “54k first or up from here, both mean we’re starting a strong 3rd leg and plenty of upside waiting for us. BTC will break 60k and finally go much higher.”

Bitcoin price stalls as traders warn BTC could dip lower than K, Cointelegraph, Apr 8