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Bitcoin (BTC) Price Analysis for April 27

Price Analysis
Wed, 04/27/2022 - 14:59
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Denys Serhiichuk
How great are bulls' chances to seize the initiative on the market?
Bitcoin (BTC) Price Analysis for April 27
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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Most of the coins remain trading in the red zone; however, there are some exceptions to the rule. Mainly, Solana (SOL) and Avalanche (AVAX) have withstood the bears' pressure.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

The rate of Bitcoin (BTC) has continued its decline, falling by 1.53% over the last day.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the daliy chart, Bitcoin (BTC) has made a false breakout of the local support at $38,547, which means that buyers are ready to fight for this level. Likewise, if they can hold the initiative and keep the price above $39,000, the growth may continue to $40,000 until the end of the week.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the local time frame, the price could not maintain its growth after the breakout of the $38,576 level. In this case, closure around $38,500 may be a prerequisite for the decline to the support of $37,800.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the weekly chart, nothing crucial has happened so far. The rate is located in the middle of the wide channel, which means that no one is controlling the situation on the market. All in all, the more likely scenario is continued sideways trading between $36,000 and $44,000.

Bitcoin is trading at $38,867 at press time.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.