Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hovering near $39,000 on April 18 as bearish prognoses for the pair mounted.
After losing $40,000 support overnight into April 18, Bitcoin faced thin liquidity in the absence of United States and European equities trading, thanks to the Easter weekend.
For popular trader Crypto Ed, a near-term retreat should bottom out at $37,500 before a rebound kicks in.
“First need to reclaim $40,000; if we manage that, it’ll certainly give a bullish impulse to the market,” he said in his latest YouTube update.
Should that happen, $43,000 could figure as the local high but going forward, the picture looks bleak. Using Elliott Wave analysis, Crypto Ed predicted a repeat of recent downside moves interspersed with a brief relief bounce. The target, he concluded, was $30,000.
“That’s the risk for the coming, let’s say, two weeks,” he added.
Popular Twitter account Bitcoin Jack likewise called for the coming weeks to act as a moment of reckoning for longer-term price action.
Gold strikes out as crypto correlation wanes
Despite Bitcoin coming under pressure, there was no sense of pain for safe-haven gold on April 18.
Related: US dollar strength mimics 2020 Coronavirus crash — 5 things to know in Bitcoin this week
After climbing throughout the past week, XAU/USD crept up on the $2,000 mark again, coming within $2 of the resistance level before retreating to around $1,990.
Nonetheless, the pair traded at its highest since March 11, giving the U.S. dollar’s own strength a run for its money.
“A 50-day correlation coefficient for Bitcoin and gold is around minus 0.4, the lowest since 2018,” journalist Colin Wu noted about the implications of gold and Bitcoin’s diverging price performance.