Bitcoin treads water at $43.5k as interest rate concerns weigh heavily on global asset prices

Global fiscal markets continued to look an uphill conflict connected April 7 pursuing caller hawkish comments from the United States Federal Reserve hinting astatine a accelerated emergence successful involvement rates arsenic 1 people of enactment to assistance curb rampant inflation. 

Data from Cointelegraph Markets Pro and TradingView shows that the terms of Bitcoin (BTC) deed an overnight debased of $42,744 pursuing the Fed remarks and has since entered a consolidation signifier adjacent enactment astatine $43,500.

BTC/USDT 1-day chart. Source: TradingView

Here’s a look astatine what respective analysts successful the marketplace are saying astir the outlook for Bitcoin astatine this level and which enactment and absorption zones to support an oculus connected moving forward.

Bulls request to clasp enactment astatine $43,100

Insight into what comes adjacent for Bitcoin based connected its erstwhile show successful this portion was touched connected by marketplace expert and pseudonymous Twitter idiosyncratic ‘Rekt Captial’, who posted the pursuing illustration highlighting the value of the $43,100 enactment level.

BTC/USD 1-week chart. Source: Twitter

Rekt Capital said,

“If past repeats and BTC continues to support the ~$43,100 level arsenic support… past BTC could erstwhile again bask upside into the precocious $40,000s and adjacent arsenic acold arsenic the debased $50,000s.”

BTC and the NASDAQ

The correlation betwixt terms movements for Bitcoin and the NASDAQ was highlighted successful the pursuing illustration posted by filbfilb, co-founder of trading suite DecenTrader, who noted that “Since 2019, aggregate selloffs astatine all-time highs connected the NASDAQ person resulted successful crisp selloffs which saw BTC besides close astatine the aforesaid time.”

NASDAQ vs. BTC/USD 1-day chart. Source: Twitter

Filbfilb said,

“What followed was an inverse caput and shoulders bullish reversal, confirmed by investigating the 50 DMA, and ATH connected some bequest and BTC; a imaginable script ahead.”

Further grounds to enactment a imaginable impending breakout for BTC was provided by crypto expert and pseudonymous Twitter idiosyncratic ‘TAnalyst’, who posted the pursuing illustration looking astatine the terms enactment for BTC erstwhile a bounce connected the terms oscillator occurs.

BTC/USD 3-week chart. Source: Twitter

TAnalyst said,

“April 2012 terms oscillator bounce, past a bull run. March 2020 terms oscillator bounce, past a bull run. February 2022 terms oscillator bounce... I’ll [leave it to] you to conclude.”

Related: Bitcoin sentiment falls into 'fear' arsenic BTC terms enactment hits $42.9K breakdown target

A breakout to $57,000 oregon a pullback to $36,000

The nonaccomplishment of enactment astatine $44,700 was “expected aft losing that caller low” according to crypto trader and Cointelegraph contributor Michaël van de Poppe, who posted the pursuing illustration detailing the breakdown from $46,881.

BTC/USD 1-day chart. Source: Twitter

Poppe said,

“Currently astatine an important breaker. If we clasp this, each good, seems acceptable for different limb to $57,000. If we don't, past I'm seeing a trial astir $36,000.”

The wide cryptocurrency marketplace headdress present stands astatine $2.015 trillion and Bitcoin’s dominance complaint is 41.2%.

The views and opinions expressed present are solely those of the writer and bash not needfully bespeak the views of Cointelegraph.com. Every concern and trading determination involves risk, you should behaviour your ain probe erstwhile making a decision.