Bitcoin ended the week at roughly where it spent most of the last few days, just above $40,000 and with little to no signs of a rally.
“Last week, we shared concerns about Bitcoin’s ability to sustain upward momentum,” Joe DiPasquale, CEO of fund manager BitBull Capital, wrote in comments to CoinDesk. “We’ve set aside $40,000 as a fighting moment on the side, and that’s been the state of the market this week.”
The largest cryptocurrency by market cap recently traded at around $39,928, slightly below where it used to be and about the same as it was on Good Friday, the holiday weekend. Ether, the second-largest cryptocurrency by market capitalization, was trading at around $3,026. Other major cryptocurrencies were mostly in the red, albeit slightly, although SOL was one of the few exceptions, gaining about 1%.
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Trading during the long weekend was light as investors continue to process rising inflation, the possibility of a recession, and recent developments related to the Russia-Ukraine conflict. Markets that were closed on Friday fell on Thursday, with the technology-focused Nasdaq down more than 2% and the S&P 500 down 1.2%.
Joe DiPasquale, CEO of fund manager BitBull, was pessimistic about the week ahead, noting support could be much lower, around $40,000.
“This still does not look particularly optimistic for Bitcoin and we continue to look for a reaction around $37k,” he wrote. “For any upside move, BTC would need to consolidate around $42K next week – an unlikely scenario in the absence of major news or catalysts.”
