Bitcoin and Dodge Coins jump after Ilan Musk’s Twitter sale; Will the upward trend continue?

With the end of Ilan Musk’s Twitter sales, Bitcoin and Dodge Coin have jumped in price over the past 24 hours, and many analysts are already talking about their market prospects. There are many reasons for the upward trend in the overall digital currency market.

According to the Kevin Telegraph, the digital currency market faced increased sales pressure in early April 25, but after it was revealed that Ilan Musk had finalized his $ 44 billion Twitter purchase, there were signs of upward price movements in the market. .

After the price of bitcoin fell to $ 38,210 early Monday, with news of Twitter sales in the media, the digital currency jumped 5.72% to its highest level in several days, around $ 40,800.

Bitcoin price chart in 1-day review.
Bitcoin price chart in 1-day review.

Below we will look at the state of internal data and analysts’ views on the future of prices.

The decline in foreign exchange reserves shows a sharp accumulation

A digital currency trader named Phoenix took to Twitter to talk about the dominance of recent declining sentiment in the digital currency market. With the publication of the following chart, he announced the reduction of bitcoin reserves in exchange offices, which shows a strong accumulation among investors.

Diagram of changes in bitcoin reserves in stock exchanges.
Diagram of the changes in the incoming and outgoing flows of bitcoins in the exchanges.

Phoenix said:

Why do you think we are currently in a situation of bitcoin distribution? These simple graphs show that the accumulation process has been going on for months. What you may not have and need is patience.

Bitcoin is still rising at previous price levels

Although the recent price adjustment is not yet complete, the level of support, which shows the bottom of the bitcoin price throughout history, remains unchanged, according to Whalemap. As can be seen from the chart below, buying bitcoins while working with this level of support generates a very good future return for investors.

Implemented bitcoin price chart based on investors' addresses.
Implemented bitcoin price chart based on investors’ addresses.

As the chart above shows, the current price of bitcoin is much higher than the support line that marks the end of each macro cycle. This diagram can be interpreted in several different ways; Either the downtrend in the market is not over yet, or the uptrend of bitcoin continues. Investors, on the other hand, may feel that if the current downturn in the uptrend is accompanied by a decline below $ 20,000, the digital currency market will be severely affected.

Will the upward trend continue?

Leading digital currency analyst Michael van de Pope has outlined his vision for the future of bitcoin by posting the chart below. Van Deepop believes the $ 39,610 level is vital to overcoming sales pressures and continuing the upward trend.

Bitcoin price chart in 4-hour view;  Analysis by Michael van Depp.
Bitcoin price chart in 4-hour view; Analysis by Michael van Depp.

“Depop said:

There is a strong upward trend in the bitcoin trend, which may jump from current prices to higher levels in the long run. I think bitcoin is ready to continue the upward trend.

The total market value of digital currencies has already reached 1.836 trillion dollars, and the degree of dominance of bitcoin is 42.02%.

Bitcoin and Dodge Coins jump after Ilan Musk’s Twitter sale; Will the upward trend continue? appeared first for currency.

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