Bitcoin dices with $46K as Elon Musk Twitter buy sends Dogecoin near 2-month highs

Bitcoin (BTC), traded in uncertain territory on April 4, as Wall Street closed without releasing bullish continuation.

BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView

Trader gives $43,000 BTC near-term dip target

TradingView and Cointelegraph Markets Pro data showed that BTC/USD dropped above and below $46,000 on April 4, continuing a low volatility few days.

They had also managed to close a second week in the vicinity of the 2022 yearly opening. Analysts are already hoping for a break to $50,000 or higher.

However, Bitcoin’s trading range remained narrower at the time of writing.

Crypto Ed, a popular trader, stated that Bitcoin is still not clear to him. He also suggested that it could be due to a slow weekend which would be disturbing.

Crypto Ed pointed out that Bitcoin could reverse to $44,800, or even deeper to close to $43,000 if it fails to hold.

He said that the diagonal was keeping $50,000 out reach at the moment.

Scott Melker, a fellow trader and podcast host, was hopeful. He noted that Bitcoin was being rejected at its 200-day moving average.

He said, “Rejected At the 200; meandering down at $45,500; We Should Be Heading Up,” in a tweet broadcast on April 4.

“Let’s pray that the whales don’t decide to dump on our conference.”

Melker was referring specifically to the Bitcoin 2022 Miami event, which took place from April 6-9. It was a large gathering of some the most prominent names in Bitcoin.

Musk’s $3 Billion Twitter Spend leads to Dogecoin’s rebound

Altcoins saw Dogecoin (DOGE), which led the charge, lead by all major cryptocurrencies. This was thanks to Elon Musk’s classic publicity boost.

Related: BTC Starts 2022 All Over Again — 5 Things to Know in Bitcoin This Week

The billionaire disclosed that he bought 9.3% of Twitter. DOGE/USD became the biggest shareholder in the company. Crypto soared almost to its highest level in just two months.

Chart of 1-day candle charts for DOGE/USD (Binance). Source: TradingView

Musk’s decision was the result of a Twitter survey in which nearly two million people responded to Musk asking them if they believed that the firm did not uphold free speech principles.

This poll’s results will have important consequences. Please vote with care.
— Elon Musk (@elonmusk), March 25, 2022

Musk’s interaction with the Dogecoin group was also continued on Twitter in recent days.

Cointelegraph reported that altcoin inflows have increased over the past week, indicating a greater appetite for what Glassnode, an on-chain analytics firm, called “riskier” altcoins.

Lillian Call

I am a technology and gaming writer by profession. I love NFT's and play to earn gaming such as Axie Infinity. I love writing about anything on the blockchain, especially gaming and entertainment. I often sing, write or draw to portray my feelings. When it comes to my free time or you can say ‘ME-TIME’, I love to play with my cat, sleep an extra hour, or play my favorite video games.