Cryptocurrency markets saw a downward move on April 22nd, with Bitcoin (BTC/USD) dropping below 28340 and hovering at around the 28000 level. The pair was unable to sustain an earlier rebound to the 28371.88 area and moved lower, with the 27758, 27283, 27119, and 26533 areas all being reached in the process. These price objectives were linked to the depreciating and appreciating ranges experienced by Bitcoin, along with significant stops being elected below the 28479.91 area.

Technical analysis of the cryptocurrency press further reveals that Bitcoin's 50-bar MA (4-hourly) is currently bullishly indicating above the 100-bar MA (4-hourly) and 200-bar MA (4-hourly). In comparison, the 50-bar MA (hourly) is bearishly indicating below the 100-bar MA (hourly) and 200-bar MA (hourly). The nearest price activity for Bitcoin is the 200-bar MA (4-hourly) at 28407.77 and the 50-bar MA (hourly) at 28692.51.

From a technical support standpoint, investors and traders are able to look towards the 27370, 26664, 25309, 25094, 23956, 23255, and 21415 price levels. On the opposite end, areas of potential technical resistance include the 29159, 29383, 29408, 29657, 29701, 29965, 30012, 30413, and 30472 levels. If Bitcoin regains momentum, more significant upside price objectives include the 31477.37, 32501.23, 32989.19, 34583.96, 34658.69, 35222.66, 37765.28, and 38403.97 levels.

Overall, both investors and traders alike will want to closely monitor upcoming price movements and the associated technical analysis, so as to better develop a trading plan. Of note, it is important to reiterate that investors should always conduct their own due diligence when developing their cryptocurrency trading strategies, paying close attention to the terms of the investment and proceeds, along with factors such as liquidity, costs and taxes. Furthermore, anyone considering trading Bitcoin is advised to look into the associated legal ramifications, given national and global regulations may put restrictions on such activities.



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