Cryptocurrency News Today: Bitcoin Outlook Remains Weak Despite Pullback

Bitcoin (BTC/USD) Analysis

Bitcoin recovers amid weak macro economic sentiment.

Bitcoin recovery is stable, investors cautious over COVID situation in China, global inflation and geo-political tensions.

Key Highlights

BTC formed triple bottom around $38,000 and showed a minor pullback. It was one of the worst performers this month and lost nearly $10,000 as macro sentiment weakens. The demand for riskier assets decreased in hopes of aggressive rate hikes by the Fed.

Technical Analysis

Intraday trend - Bearish

On the daily chart, the pair is trading below Tenken-Sen ($40,590), Kijun-sen ($42,913), and Ichimoku Kumo cloud ($41,279). Bitcoin hit an intraday high of $40,800 and is currently trading around $40,494.

Major support is seen at $37,000, any violation below that level can take the pair to $34,000 / $30,000.

The immediate resistance is around $41,700, any breach above the psychological level may reach $42,500 / $42,978 (Apr 21st high) / $43,500.

RSI- neutral

A possible strategy could be sell on rallies around $40,700-800 with SL around $43,000 for TP of $30,000.

ETH/USD Daily Outlook

Key Highlights

Ethereum regained above $3,000, following the footsteps of Bitcoin. It hit a low of $2,798 and is currently trading around $3,000.

On the 4-hours chart, the pair is trading above Tenken-Sen ($2,918), Kijun-sen ($2,918), and Ichimoku Kumo cloud ($3,025).

Major support is seen at $2,800, any breach below can drag the pair to $2,650 / $2,490.

The immediate resistance is around $3,045. A break above will take the pair to $3,179 / $3,275.

RSI- Neutral

A possible option could be short on rallies around $2,970-80 with SL around $3,180 for TP of $2,490 / $2,300.

Crypto chart apr26
Cryptocurrency trading chart: BTC, ETH, XRP, BNB TradingView

XRPUSD Outlook

Intraday Trend- Bearish

Key support- $0.70, $0.50

Key Resistance- $0.8000, $0.9150

XRP's price pared some of yesterday's gains. Any breach below $0.6200 will take the pair to $0.6000 / $0.540. It is currently trading around $0.6835. Short-term trend reversal only if it breaches $0.9200.

A possible strategy could be sell on rallies around $0.6800 with SL around $0.7500 for a TP of $0.5000.

BNB/USD Outlook

Intraday Trend- Bearish

Key support- $390, $360

Key Resistance- $432

BNBUSD upside capped by 55-4H EMA and shown a minor profit booking. Any breach above $408 confirms a bullish continuation. A jump to $432 / $460 is possible, it is currently trading around $400.90. Short-term trend reversal only if it breaks $506.

A possible option could be short on rallies around $400 with SL around $432 for a TP of $338.

Bitcoin Support / Resistance

Resistance

R1- $41,700
R2- $42,500
R3- $43,000

Support

S1- $37,000
S2- $34,000
S3- $30,000

Ethereum Support / Resistance

Resistance

R1- $3,045
R2- $3,100
R3- $3,179

Support

S1- $2,800
S2- $2,690
S3- $2,495


News elsewhere:

CoinDesk: NFTs Stolen After Bored Ape Yacht Club Instagram, Discord Hacked

Blockworks: New York Bill Banning Proof-of-work Crypto Mining Poised to Advance

Cointelegraph: Binance announces crypto card for Ukrainian refugees


See more at the Newsweek Cryptocurrency Index:

The content of this article is for informational purposes only and does not constitute financial or investment advice. It's important to perform your own research and consider seeking advice from an independent financial professional before making any investment decisions.

Bitcoin logo
A bitcoin logo is seen during the Bitcoin 2022 Conference at Miami Beach Convention Center in April 2022 in Miami, Florida. Getty Images