Trader flags BTC price levels to watch as Bitcoin still risks $30K 'ultimate bottom'

Bitcoin (BTC) remains a enslaved of the U.S. dollar connected April 27 arsenic the greenback spells caller misery for hazard assets crossed the board.

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

BTC faces disconnected with the enactment portion to hold

Data from Cointelegraph Markets Pro and TradingView showed precarious representation connected BTC markets Wednesday arsenic bulls battled for power of short-term enactment levels.

After dipping to $37,700 Tuesday, Bitcoin saw a alleviation bounce which culminated successful a rebound to $39,200 — a portion which is present captious to flip backmost to support, 1 trader says.

In his latest YouTube update, Cointelegraph contributor Michaël van de Poppe highlighted the country astir $39,300 arsenic a springboard for BTC/USD to onslaught short-timeframe resistance. Flip it, helium said, and the brace could past people $42,600.

"If we suffer this one, I deliberation we are looking for abbreviated opportunities," helium explained, with imaginable confirmations of a bottommost coming beneath $37,000.

"If we suffer this level arsenic support, I deliberation it could beryllium nosediving arsenic we're going to trigger liquidity beneath the lows and past we mightiness beryllium investigating immoderate little levels successful which ultimately, if the markets are truly acceptable to nuke, I'm looking astatine $30,000 arsenic the eventual bottommost for the markets."

Van de Poppe is acold from unsocial successful calling for a $10,000 measurement down. In caller weeks, respective figures person fixed $30,000 arsenic a target, among them erstwhile BitMEX CEO, Arthur Hayes and Bloomberg Intelligence main commodities strategist, Mike McGlone.

In his latest blog post, meanwhile, Hayes expanded connected his abbreviated to mid-term presumption of plus prices, forecasting a melodramatic renaissance successful some Bitcoin and gold, which helium says volition deed $1 cardinal and up to $20,000, respectively by 2030.

XAU/USD traded astatine $1,887 astatine the clip of writing, having almost deed $2,000 connected April 18.

XAU/USD 1-day candle chart. Source: TradingView

Dollar checks emergence arsenic important absorption nears

As throughout this week, everything hinges connected the U.S. dollar currency scale (DXY).

Related: Purpose Bitcoin ETF adds 1.1K BTC arsenic information hints investors privation to 'buy the dip'

Reaching 103.28 Wednesday, DXY is attempting to lucifer and interruption supra its highs from March 2020, thing which would mean multi-decade highs should it succeed.

Van de Poppe flagged 103.77 arsenic the level to watch, portion a interruption successful the upside would trim unit connected Bitcoin and different hazard assets.

"If the DXY is uncovering itself a apical — which is astir apt going to beryllium supra those highs — and instrumentality the liquidity there, I deliberation you'll privation to beryllium agelong Bitcoin," helium added, predicting a "serious run" for BTC should a DXY retracement travel successful tandem with BTC/USD reclaiming support.

U.S. dollar currency scale (DXY) 1-week candle chart. Source: TradingView

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.