Bitcoin whales fill their bags despite warnings BTC price could fall below $40K
Bitcoin (BTC) headed toward $42,000 on April 9 after bulls failed to spark a late-week turnaround.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD slowly dissolving support levels in place for several weeks as the weekend began.
After multiple tests of $43,000, that area finally gave way to see the pair hit lows of $42,131 on Bitstamp, its lowest since March 23.
Bulls hoping for a rescue move felt the pain, with cross-crypto liquidations totaling $200 million in the 24 hours to the time of writing Saturday, data from on-chain monitoring resource Coinglass confirmed.
For traders, the short-term outlook was thus firmly bearish in character. Popular commentator Crypto Ed eyed a retest of $40,000, but warned that Bitcoin might not stop there.
"As long as it doesn't reclaim 44k or even better 45-46, I'm affraid we have to be ready for more downside and at least retesting 40k and maybe even lower," he warned Twitter followers.
An accompanying chart showed a projected multi-step downtrend with support levels at $40,000 and $37,500.
Yann Allemann and Jan Happel, co-founders of on-chain analytics firm Glassnode, meanwhile drew attention to the potential for volatility thanks to lower weekend market volumes.
#Bitcoin is trading at a liquid range of $42-$45k. Low volume over the weekend can cause abrupt price swings.#BTC Risk signal at the high-level threshold. pic.twitter.com/J4bj2aHCKo
In contrast to the previous week, Bitcoin's weekly candle set to close Sunday thus included almost $5,000 of losses or nearly 10%.
Nonetheless, not everyone was attempting an exit.
Related: Waiting for $40K? Bitcoin's critical level is already here, says new research
According to the latest data, Bitcoin whales were busy buying up new
Read more on cointelegraph.com
