Bitcoin Dips Below $46K, as Elon Musk’s Twitter Purchase Propels Dogecoin to New High

On April 4, short-term cryptocurrency traders’ only source of excitement is collateral gains, seeing as Bitcoin (BTC) and most assets remain stagnant.

On Monday, Bitcoin (BTC) traded in a volatile zone as the Wall Street open was unable to inspire positive momentum and return some of the much-needed bullish sentiment in the market.

BTC/USD plunged under $46,000 on Monday, according to TradingView statistics. The pair had continued to increase their winning streak to a second week approaching the yearly open in 2022, with analysts anticipating a breakthrough to $50,000 or perhaps even higher. Yet, even at the time of publication, Bitcoin (BTC) was trapped in a trading range that was too tight and the desired result does not appear to be on the horizon.

Crypto Ed, the prominent trader just posted a summary on YouTube in which he said, “Bitcoin is not really clear to me; it could be because of a very slow weekend, which is disturbing a bit, [in] my view.”

Crypto Ed pointed out a declining diagonal resistance pattern, predicting a possible downturn as soon as Monday, with Bitcoin (BTC) reverting to $44,800 or lower to roughly $43,000 if the first option is not viable.

Crypto Ed also said that the diagonal suggests that a $50,000 price climb does not seem to be in the sights for the flagship digital asset, at least for now. Scott Melker was cautiously optimistic, saying that in the moving average of a 200-day period, the biggest cryptocurrency is being turned down.

Melker said in his podcast on Monday that “rejected at the 200, meandering down to $45,500; we should be heading up.”  He went on to say “let’s hope that whales do not decide to dump on us just because there is a conference.”

Melker was citing the Bitcoin 2022 event, which will take place in Miami from April 6 to 9 and will bring together many of the most well-known figures in the Bitcoin (BTC) community.

On another note, Dogecoin (DOGE) pulled ahead among altcoins, outpacing all other cryptocurrencies courtesy of a typical promotional push from none other than Elon Musk, the billionaire and CEO of Tesla.

Following the billionaire’s announcement that he had purchased a 9.3$ interest in Twitter, which would make Elon Musk the biggest shareholder in the company Dogecoin (DOGE) was the definite victor in the cryptocurrency market, rising to nearly two-month highs.

The decision of Elon Musk was prompted by a survey conducted on Twitter, in which slightly over two million participants notified him that the company’s free speech values were being violated.

However, Musk’s direct involvement with the Dogecoin (DOGE) community has persisted on Twitter lately.