Bitcoin Price Makes It Fake, Will There Be a Real Breakout This Week? » Crypto Insiders

last Sunday Bitcoin (BTC) Another big jump, but the price was unable to continue the recent uptrend for the rest of the week. Bitcoin tumbled significantly on Thursday and the price could not fully recover yet. However, expectations for this week are again high.

Bitcoin tries to hack, but it’s fake

Despite increased volatility late last week, Bitcoin price In general, strong. At the end of last week, it remained very quiet and Bitcoin started to move in an increasingly narrow range again.

Bitcoin price ranged between $45,850 and $47,000 on Saturday. Yesterday, that range narrowed to the $46,250-$46,600 region. However, in the middle of the night, Bitcoin suddenly tried to break in and the price briefly rose to $47,300. However, it turned out to be a file From fake Togo. Bitcoin corrected immediately and then fell back to $45,850.

Bitcoin has recovered slightly in the past few hours, but $46,250 is currently offering significant resistance. BTC price is at $46,130 at the time of writing KuCoin and 41,830 euros in Petavavo†

Many positive signals for bitcoin price

Bitcoin will likely continue to consolidate in this range in the coming days. There is a lot of resistance between this $46,250 and $47,600 while the price is flat. There is still a lot of hope for April, as it has historically been a solid month for the price.

Analyst TechDev may see what is called Volatility pressure Happening in the coming days with a high chance of a price breakout after that:

# bitcoin In a rare 5-day volatility period.

Only the third in the last 5 years.

The price is above the neutral line and the RSI is above 50.

The higher probability is heading to the upside. pic.twitter.com/ThuK1ylBYL

– TechDev (@TechDev_52) April 4, 2022

Analyst Matthew Hyland reports that Bitcoin on the weekly chart… Moving average convergence/divergence (MACD) bull cross Make. this rising A sign of the cycle The last time this happened was last summer, shortly before the rally resumed, the On-Chain College analyst adds.

The last time they crossed was at the beginning of the summer of 21 # bitcoin Crowd led to ATH https://t.co/yyogCWBwQH

– OnChain College (OnChainCollege) April 4, 2022

On-chain data supports a potential upward breakout. For example, analysis firm Glassnode reported that the volume of BTC flowing from exchanges recently reached 96,200 BTC per month.

# bitcoin The volume of drainage flow recently reached an average of 96.2 thousand BTC dollars Per month.

Gross exchange inflows of this size have only been seen on a handful of occasions throughout history, most of which were after the March 2020 liquidity crunch.

Live graph: https://t.co/k9wM940HCQ pic.twitter.com/836zjf39Nh

– glassnode (glassnode) April 4, 2022

Analyst PlanC also notes that at least 63.2% of the BTC supply in circulation has not moved for at least a year:

Update: # bitcoin Supply that has not moved in at least one year is now 63.20% (0.25%) away from an all-time high of 63.45%.

The last two times this gauge broke its previous all-time high, after a few months the next major uptrend started. # encrypt pic.twitter.com/rc4eKqitD0

– Plan ©️ (TheRealPlanC) 3 April 2022

However, there are indications that the derivatives market may start to rise again and that frank interest It increases a little too quickly. Analyst Ali Martinez also reported that up to 16 whales, with over 1,000 BTC each, may have sold 46 million BTC in total. It can create sales pressure.

Approximately 16 titles containing 1000 #BTC or more who have left the network or redistributed their tokens within the past week.

These whales own over $46 million BTC dollarswhich may lead to an increase in the downward pressure on # bitcoin† pic.twitter.com/tyoHJqS9Sq

– Ali Martinez (@ali_charts) April 4, 2022

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Despite fluctuations and low prices, # bitcoin Experiencing streaks of activity growth below the surface (blue streaks). Entity numbers continue to rush higher, returning roughly to mid-May levels.

The long-running thesis is unwavering, and it is reinforced by the global shit show. pic.twitter.com/jgWSbYNe7w

– TXMC (TXMCtrades) April 4, 2022