01.04.202215:10 Forex Analysis & Reviews: Weekly Bitcoin analysis for April 1st.

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Bitcoin is trading around $45,400 after reaching as high as $48,200. Price has so far retraced a little bit more than the 38% of the entire decline. The weekly candlestick in Bitcoin is not very positive for next week if price closes below $46,600.

Black lines -Fibonacci retracements

Price is retracing the decline from its all time highs. The decline from the all time highs is over. The big question is whether this is the start of a new upward movement or just a short-term bounce before the next sell off that will bring price below $29,000. Current market conditions justify a move higher towards the 61.8% level. This week's closing will also provide us with key information on what to expect next.

Alexandros Yfantis
Analytical expert of InstaForex
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