BTC price hits 10-day high as trader says $42K is where Bitcoin ‘gets interesting’

Bitcoin (BTC) bulls kept up the pressure on April 20 as the Wall Street open saw a return to $ 42,000.

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

$ 42,000 proves troublesome

Data from Cointelegraph Markets Pro and TradingView showed BTC / USD reaching $ 42,220 on Bitstamp, its highest since April 11.

After adding as much as 9.3% versus local lows from April 18, the pair was now in line for “interesting” behavior, according to Cointelegraph contributor Michaël van de Poppe.

“Things get interesting at $ 42K,” he told Twitter followers.

Like others on the day, Van de Poppe highlighted declining US dollar strength as a boon for BTC price performance.

Volatility was nonetheless heavily in evidence on the return to the significant $ 42,000 level, as others voiced a lack of faith in Bitcoin’s gains continuing.

For popular trader Josh Rager, however, April 18’s dip to $ 38,600 and subsequent recovery was a pattern to keep an eye on.

“The last couple of fake-outs led to over 30% + uptrends,” he noted on April 19.

“Yesterday caught a lot of people off guard, though it wasn’t as deep of a pullback as prior. Could still see Bitcoin push up here over the next week – take it day by day.”

An accompanying chart highlighted price performance after wicks down to support through 2022. This time, the target lay at around $ 48,000 – the site of Bitcoin’s 200-day moving average.

BTC / USD annotated chart. Source: Josh Rager / Twitter

US stocks fail to impress post-earnings

On the macro side, fluctuations in stocks came in for criticism from Rager, who argued that performance was being hampered by sentiment changes.

Related: US dollar strength mimics 2020 coronavirus crash – 5 things to know in Bitcoin this week

Unusual moves in Netflix stock had become a talking point on the day after missed earnings sparked a mass sell-off.

According to sentiment gauge the Fear & Greed Index, however, the mood was better overall on April 20, the Index reaching its highest score of April so far – 50/100.

The Crypto Fear & Greed Index, by contrast, languished in the “fear” zone at 27/100.

Crypto Fear & Greed Index (screenshot). Source: Alternative.me

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