Bitcoin is treading water at $43.5K as interest rate concerns weigh heavily on global asset prices

Global financial markets continued to face an uphill battle on April 7 after the US Federal Reserve recently issued hawkish comments that pointed to a rapid hike in interest rates as a way to curb rampant inflation.

Data from Cointelegraph Markets Pro and TradingView shows that Bitcoin (BTC) price hit an overnight low of $42,744 following the Fed’s comments and has since entered a consolidation pattern near the $43,500 support.

BTC/USDT 1-day chart. Source: TradingView

Here’s a look at what several analysts in the market are saying about the prospects for Bitcoin at these levels, and what support and resistance zones to watch to move ahead.

Bulls need to hold support at $43,100

Market analyst and pseudonymous Twitter user “Rekt Capital,” who posted the chart below that highlights the importance of the $43,100 support level, offered insights on next steps for Bitcoin based on its past performance in this zone.

BTC/USD 1 week chart. Source: Twitter

Rekt Capital said:

“If history repeats itself and BTC continues to hold the ~$43,100 level as support…then BTC could again enjoy upside potential into the high $40,000 and even the low $50,000.”

BTC and the NASDAQ

The correlation between Bitcoin and NASDAQ price action was highlighted in the chart below, published by filbfilb, co-founder of trading suite DecenTrader, who noted that “since 2019, multiple sell-offs at all-time highs on NASDAQ have resulted in sharp sell-offs in BTC also see correctly at the same time.”

NASDAQ vs. BTC/USD 1-day chart. Source: Twitter

Filbfilb said

“What followed was a reverse bullish head and shoulders reversal, confirmed by testing the 50 DMA and ATH on both Legacy and BTC; a possible scenario ahead.”

Further evidence of a possible imminent BTC breakout was provided by crypto analyst and pseudonymous Twitter user “TAnalyst,” who posted the chart below that looks at BTC’s price action when a price oscillator bounce occurs.

BTC/USD 3 week chart. Source: Twitter

TAnalyst said

“April 2012 price oscillator bounce then bull run. Price oscillator in March 2020, then a bull run. February 2022 price oscillator bounces… I will [leave it to] You last.”

Related: Bitcoin sentiment turns to “fear” as BTC price action hits $42.9k breakdown target

A breakout to $57,000 or a pullback to $36,000

The loss of support at $44,700 was “expected after losing that recent low,” according to crypto trader and Cointelegraph contributor Michaël van de Poppe.

BTC/USD 1 day chart. Source: Twitter

poppe said

“Currently on an important breaker. If we hold that, all good, seems poised for another leg up to $57k. If we don’t, I see a test around $36,000.”

The total cryptocurrency market cap is now $2.015 trillion and Bitcoin’s dominance rate is 41.2%.

The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should do your own research when making a decision.

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