Bitcoin (BTC) traded in uncertain territory on April 4 as the Wall Street open failed to trigger a bullish continuation.

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

Trader gives $43,000 BTC short-term drop target

Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD fell above and below the $46,000 mark on Monday, continuing a few days of low volatility.

The pair managed to seal a second week near the 2022 yearly open, with analysts already expecting a breakout of $50,000 or even higher.

However, at the time of writing, there was still no sign of such an outcome, while Bitcoin remained in an increasingly narrow low time frame trading range.

“Bitcoin is not very clear to me, could be due to a very slow weekend, which disturbs my opinion a bit,” popular trader Crypto Ed summarized in his last YouTube update of the day.

Highlighting a descending diagonal resistance trend line, Crypto Ed reasoned that a potential pullback could occur on Monday, resulting in Bitcoin retracing $44,800 or higher to near $43,000 should that not hold.

The diagonal, he added, was keeping $50,000 out of his reach at the moment.

Fellow trader and podcast host Scott Melker was tentatively hopeful, noting that Bitcoin was getting rejected at the 200-day moving average.

“Rejected in the 200s, winding up to $45,500; we should be going higher,” he said in a twitter stream Monday.

“Hopefully the whales don’t decide to turn on us just because there’s a conference.”

Melker was referring to the Bitcoin 2022 event in Miami from April 6-9, a major gathering of some of the biggest names in the Bitcoin world.

Dogecoin Rebound Follows Musk’s $3 Billion Spending on Twitter

In altcoins, the pack was led by Dogecoin (DOGE) that day, which outperformed all major cryptocurrencies thanks to a classic hype push from Tesla CEO Elon Musk.

Related: BTC Starts 2022 Again: 5 Things You Need To Know About Bitcoin This Week

After the billionaire revealed that he had bought a 9.3% stake in Twitter, becoming the company’s largest shareholder, DOGE/USD was the clear beneficiary of cryptocurrencies, nearing its highest levels in two months.

DOGE/USD 1-day candlestick chart (Binance). Source: TradingView

Musk’s move was the result of a Twitter poll, in which just over two million respondents told him the firm was failing to uphold “free speech principles.”

Meanwhile, other Twitter activity in recent days continued Musk’s direct interaction with the Dogecoin community.

As Cointelegraph reported, altcoin inflows over the past week underscored a heightened appetite for what on-chain analytics firm Glassnode called “riskier” altcoins.





This post Bitcoin Drops $46K as Elon Musk Twitter Buy Sends Dogecoin Near 2-Month Highs

was published first on https://cointelegraph.com/news/bitcoin-dices-with-46k-as-elon-musk-twitter-buy-sends-dogecoin-near-2-month-highs

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