Bitcoin is standing at $43,500 as global asset prices are weighed down by worries about interest rates

On April 7, global financial markets continued to struggle with a steep hill ahead following recent hawkish remarks from the United States Federal Reserve suggesting that increasing interest rates as one option was on the table to assist curb rising prices.

Following comments from the Fed, Bitcoin’s price dropped to an overnight low of $42,744 and has since gone into a consolidation pattern near support at $43,500.

BTC/USDT 1-day chart. Source: TradingView

Here’s a summary of what various analysts in the market are predicting for Bitcoin at this price and which support and resistance levels to keep an eye on going forward.

The bulls need to maintain the $43,100 resistance

The $43,100 mark is a significant threshold for Bitcoin, as it represents another zone in which the cryptocurrency has previously traded. Market analyst and pseudonymous Twitter user Rekt Capital illustrated the importance of the $43,100 support level by posting the following chart depicting the significance of the $43,100 support level.

BTC/USD 1-week chart. Source: Twitter

Rekt Capital said, “If history repeats and BTC continues to maintain the ~$43,100 level as support… then BTC could once again enjoy upside into the high $40,000s and even as far as the low $50,000s.”

BTC & NASDAQ

The following chart posted by filbfilb, co-founder of trading software DecenTrader, demonstrated that “Since 2019, numerous selloffs at all-time highs on the NASDAQ have resulted in a sharp selloff, which saw BTC also correct at the same time.”

Filbfilb said, “What followed was an inverse head and shoulders bullish reversal, confirmed by testing the 50 DMA, and ATH on both legacy and BTC; a possible scenario ahead.”

The crypto market appears to be preparing for a BTC breakout, with more evidence supplied by crypto analyst and pseudonymous Twitter user TAnalyst. When the price action on BTC’s chart reaches a bounce on the price oscillator, he posted this chart depicting the Bitcoin price.

BTC/USD 3-week chart. Source: Twitter

TAnalyst said, “April 2012 price oscillator bounce, then a bull run. March 2020 price oscillator bounce, then a bull run. February 2022 price oscillator bounce… I’ll [leave it to] you to conclude.”

A sharp increase to $57,000 or a minor decrease to $36,000

According to crypto trader and Cointelegraph contributor Michaël van de Poppe, who posted the following chart illustrating the breakdown from $46,881, the loss of support at $44,700 was “anticipated after losing that recent low.”

BTC/USD 1-day chart. Source: Twitter

Poppe said, “Currently at an important breaker. If we hold this, all good, seems ready for another leg to $57,000. If we don’t, then I’m seeing a test around $36,000.”

The overall cryptocurrency market cap is presently valued at $2.015 trillion, with Bitcoin’s dominance rate standing at 41.2 percent.

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