When the Wall Street opening witnessed a recovery to $42,000 on April 20, bitcoin bulls kept up the push.
BTC/USD hit $42,220 on Bitstamp, its highest level since April 11, according to data from Cointelegraph Markets Pro and TradingView.
According to Michal van de Poppe, a contributor to Cointelegraph, the pair was now poised for intriguing behavior after gaining as much as 9.3% from local lows from April 18.
Van de Poppe emphasized the weakening U.S. dollar as a positive factor for the performance of the BTC price, as did others on the day.
However, volatility was seen on the return to the important $42,000 barrier as others expressed doubt about the sustainability of Bitcoin‘s gains.
Josh Rager, a well-known trader, noticed a trend in the price decline to $38,600 on April 18 and a subsequent rebound.
The price behavior following wicks down to support through 2022 was emphasized in the following chart. This time, the objective was located at about $48,000, which is where the 200-day moving average for Bitcoin is located.
U.S. Stocks Underwhelm Post-Earnings
Rager criticized stock market oscillations on the macro level, claiming that performance was being impeded by shifts in emotion.
The day after missed earnings prompted a significant sell-off, unusual movements in Netflix stock had become a topic of conversation.
On April 20, however, the Fear & Greed Index, a sentiment indicator, recorded its best score of April thus far — 50/100, indicating a general improvement in sentiment.
In contrast, the Crypto Fear & Greed Index remained stuck at a fearful 27/100.