Bitcoin Price Rebounds As 19 Million BTC Has Been Mined » Crypto Insiders

Bitcoin (BTC) I managed to get one very quickly recovery Although the price has not returned to the same level it was before the decline. Although the chance of a swipe back Although it looked quite large, the pullback caused some panic in the market. Meanwhile, confidence is cautiously returning and market sentiment is turning to rising† Bitcoin is also reaching a new stage.

Bitcoin price rebound

The Bitcoin price It settled above $47,000 this week after the price failed to break $48,000. However, on Thursday afternoon, bitcoin started to drop sharply and briefly dropped below $44,400 by Friday morning.

However, Bitcoin then managed to recover and bounce back quickly. The price initially faced some resistance around $45,000, but rose to $46,500 after a few hours. Bitcoin struggled to hack that for the rest of the day.

However, Bitcoin briefly peaked at $47,000 last night, although the resistance there is quite significant at the moment. Since then, it appears that $46,500 has flipped from resistance to support. Bitcoin is currently trading at $46,600 KuCoin and 42,200 euros Petavavo† This morning’s stock price is about 3.4% higher than it was 24 hours ago.

Retest the highs or lows first?

Generally I stay 200 days Exponential Moving Average (EMA) State that. That could mean that we will soon see a retest of the $47,000, $48,000 and 200-day resistance again. simple moving average (SMA) about $48,300.

There is a possibility that Bitcoin will rally quickly after that, although there is likely to be a psychological barrier around $50,000. It’s also possible, of course, that we’ll see another dip in between, perhaps even deeper. A retest of the area just over $34,000, around the 50-week exponential moving average, wouldn’t come as much of a surprise. That was about the upper limit of ascending triangle The pattern in which the price has moved for months.

#BTC It reached $48.2K but could not hold the top of the parallel channel as support. It retested the 200 EMA before bouncing back.

BTC behaved similarly last July, including with its technology. indicators. Finally broke through the parallel channel and amounted to 53 thousand dollars.

If the date rhyme, it would likely be $49K to $59K! pic.twitter.com/tNr4nJASpl

– Allen Au (@AllenAu11) April 1, 2022

Anxiety and accumulation

Despite the growing optimism of the market and analysts, there is still a lot of uncertainty about possible developments at the macroeconomic level. Rapidly increasing inflation is sweeping the traditional financial markets, and this fear may soon return to cryptocurrencies. The correlation between Bitcoin and the stock market remains high.

Despite this, in the meantime, the BTC build-up remains strong, as can be seen from the charts below. This buildup is a very bullish signal for the price.

Bitcoin user growth (blue) compared to the supply version (orange)

This is what programmable rarity looks like. pic.twitter.com/37CsDEB18A

– Will Clemente (@WClementeIII) April 1, 2022

ATH Hodler Balance – Long-term investors now own a record sum of nearly $12 million # bitcoin†

Long-term conviction of these addresses helps relieve selling pressure and can help reinforce Bitcoin’s belief as a store of valuehttps://t.co/rQNDofGvcH pic.twitter.com/xGAz6Vc1DC

– IntoTheBlock (intotheblock) April 1, 2022

Bitcoin Reaches a Milestone

Incidentally, 19 million BTC out of a total of 21 million were mined yesterday, which is a major milestone for the mother of all cryptocurrencies. However, it will be approximately 120 years before another two million people are also mined.

Today, 19.00,000,000 # bitcoin It will be mined.

Approximately 90.5% of the total Bitcoin supply will be mined today.

The last BTC will be mined around the year 2140.

Rarity in its purest form. Short-term noise should not disrupt long-term focus pic.twitter.com/OojHMnpdsQ

– OnChain College (OnChainCollege) April 1, 2022

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