According to data from the bitcoin network, the volume of purchases of whales and small investors has increased significantly in recent weeks. In addition, some analysts believe that bitcoin is on the verge of another upward trend.
According to the Quinn Telegraph, the upward trend in bitcoin, which began on April 1 (April 12), met with significant resistance on April 4 (April 15). This afternoon, a wave of buyers erupted, pushing bitcoin to the bottom of the $ 45,200 range and launching a corrective trend across the digital currency market.
The price fell to a daily low of $ 45,133 after the wave of bitcoin sales fell below $ 46,000 support. Buyers of this digital currency then managed to get it back above the $ 45,700 range.
Here are some analysts’ views on the short-term outlook for bitcoin and explain what trends can be expected for bitcoin in April.
The trader, named “ShardiB2”, initially managed to identify the weakness of bitcoin on April 4. Explaining the chart below, he explained that the four-hour candle of the digital currency is closed at the bottom of the channel and that the bitcoin trend seems to have changed.
Is it possible that the price of bitcoin will reach $ 44,300? There is a possibility; But I don’t think it will decrease yet. The only thing that worries me is when the taxes will come. That’s why investors can sell to pay their taxes. Something we saw last year.
Matthew Highland, an internal data analyst, provides a more general description of bitcoin’s performance and outlines the important support and sustainability of bitcoin in its current price range by publishing the chart below.
Bitcoin is trying to turn its previous resistance into new support.
Analytical company Glassnode is talking about traders who have been accumulating bitcoins lately. According to the company, buyers of bitcoins and whales in bitcoin have accumulated a lot of digital currency in recent weeks.
In this regard, Golsnood refers to large whales such as the Luna Foundation Guard and MicroStrategy. These big companies seem to be looking at bitcoin again as a “flawless collateral” and have been accumulating it seriously over the past two weeks.
Read also: Overview of Luna Foundation’s $ 10 billion bitcoin investment; How to find out about future purchases?
You can see the accumulation of whales this year in the red dotted image below. In addition to whales, small buyers with low bitcoin stocks have been accumulating a lot of bitcoins since late January.
Golsnow said of this:
In general, market participants are again optimistic about bitcoin and its role in the future of the economy.
Another anonymous analyst and investor, called Crypto Bull God, made an interesting point about the bitcoin price trend. By posting the chart below, he shows the history of bitcoin prices and its simple 125-day moving average.
You can see that the current level of bitcoin is very important. If the ordinary 125-day moving average of bitcoin breaks down again and up again, we may face a sharp jump in prices.
Rising trends after bitcoin; Analysts: The price is on the verge of a new jump appeared for the first time on Digital Currency.