Bitcoin fails $39.5 thousand ;Trading between Twitter and Elon Musk heats up the market

Dogecoin reaps the benefits of rumors that plans for Musk to buy Twitter are in their final stages.

Bitcoin (BTC) saw a classic "false breakup" movement on April 25, as volatility kept traders firmly at the limit.

Traders get discouraged by BTC's prospects

Data from Cointelegraph Markets Pro and TradingView showed that the BTC/USD pair briefly rose almost $1,000 when the Wall Street trading session on April 25 began.

The move did not last long, the pair returned to where it started within an hour after reaching the local highs of $39,517 at Bitstamp.

Meanwhile, popular Twitter account John Wick expressed caution about making any up or down trades based on the current price action.

"Waiting for this was a good decision. There is still no viable long configuration. However, we did not make lower minimums. Same break for now," he told his followers on the day.

April 25 began with a moan for Bitcoin bulls, who lost ground in the weekly closing and were unable to prevent $40,000 from falling into resistance within the daily deadlines.

For the popular Crypto Ed trader, $30,000 was still on the table as a potential short-term target.

"To me, it seems that any jump we see in the coming days is a short-lived jump," he said in his latest YouTube update, predicting a "red week."

Crypto Ed added that an increase above $40,500 would provide a reason to be "a little optimistic".

The negative moment increased after Asian stocks lost heavily due to concerns about the coronavirus in China. European markets did better at the opening, while in the United States, the Nasdaq 100 managed to even start earning in the second hour of trading.

The S&P 500 was still falling 0.43% at the time of writing this article, however, trying to compensate for the lost ground.

Dogecoin is one of the first winners in Musk's deal on Twitter

Helping to overcome the unstable terrain for technology stocks was Twitter itself, which added 5% in the opening after receiving news that executives would probably accept Elon Musk's purchase offer.

After previously expressing opposition, the Twitter board could agree to the agreement, which would lead Musk to acquire the company for $43.4 billion, still on April 25. This would amount to $54.20 per share compared to the current spot price of $50.36.

"I think there is a lot of frustration around the world now circulating and you see it reflected on Twitter; this is indicative of this," MicroStrategy CEO Michael Saylor told Bloomberg.

"It's a little out of my purview to determine how the entire chapter ends; it's definitely interesting to watch."

He added that he "wouldn't mind" if Musk owned Twitter.

Musk is known for liking Dogecoin (DOGE) and critical of Bitcoin's alleged environmental problems, a perspective that contrasts sharply with that of former CEO Jack Dorsey.

Saylor said he had not talked to Dorsey about the acquisition.

DOGE/USD rose 5% on the day at the time of writing this article, making it the best move among the top twenty cryptocurrencies by market value.