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Bitcoin might have fallen under pressure as the week kicked off, but the leading cryptocurrency locked into $40,000 USD before falling back down to just above $39,000 USD.
The brief bullish action took a knock midday on Tuesday to drop to where it was trading on Monday around the same time. The movement means Bitcoin’s value is 0.1% dipped in daily trading value, with signs that a further retrace might be coming.
Source: Coingecko
The cryptocurrency market is currently under pressure after the market moved rapidly following the news that Elon Musk had reached an agreement to buy Twitter for $44 billion USD. Just following the news, Bitcoin rallied by nearly 6% before correcting, and the altcoin market saw similar price actions.
Despite Bitcoin’s retrace after its bullish day, historic trends indicate that the dip might not be as bearish as it seems. On-chain analytics firm Whalemap shows that a correction is not sitting at what it classifies as a “generation bottom”. Whalemap’s chart shows that the price of previous macro cycles. This could indicate that the bull market is at play and a strong rally could be on the way still.Crypto analyst
Crypto analyst Michaël van de Poppe commented on Bitcoin’s movements, also suggesting that the market could be set for some bullish action.
Great bullish divergence on #Bitcoin and bouncing from higher timeframes level here.
Looks ready for bullish continuation. pic.twitter.com/IWswR6JDjp
— Michaël van de Poppe (@CryptoMichNL) April 25, 2022
Dogecoin price action with Elon Musk’s Twitter acquisition
Dogecoin, on the other side of the coin, saw a massive spike after the news was released that Musk had purchased Twitter. With Musk as one of Dogecoin’s most famous proponents – whether sincerely or as a meme – the meme token often sees wild fluctuations when Musk makes a move in the market or in the tech scene. Over the past 24 hours, Dogecoin’s price has surged by 5.7%, increasing to $0.146982 USD, up from a 24 low of $0.138980 USD. Over the past seven days, Dogecoin’s price has increased by 5.8%, taken it to 10th place as most traded cryptocurrencies.
The bullish increase of Dogecoin indicates that crypto investors might believe Musk has plans to use Dogecoin as part of Twitter’s future. Musk’s proponency for the token comes hand-in-hand with his suggestion that Twitter uses Dogecoin as the native currency or as a payment option for Twitter’s subscription service, Twitter Blue.
Robinhood CEO Vladimir Tenev weighed in on the news, saying that fans and traders are buying Dogecoin as a result of the “Musk effect”, which impacts the price of the meme token as well as the Twitter community. As he has more effect on Twitter, the price of Dogecoin might be in for a healthy boost for long-term trends.
Elon acquires Twitter —> $DOGE becomes the currency of Twitter —> $1 $DOGE no longer a meme!
How does that sound ?
— Limbo (@CryptoLimbo_) April 25, 2022
Source: Coingecko