Bitcoin (BTC) was able to get one pretty quickly rebound although the price is not quite back to the same level as before the dip. Although the chance of a pullback Although it seemed very large, the decline caused some panic in the market. In the meantime, confidence is cautiously returning and market sentiment is shifting back to bullish† Bitcoin also reaches a new milestone.
Bitcoin price rebounds
From bitcoin price It held above USD 47,000 this week after the price failed to break through USD 48,000. However, on Thursday afternoon, bitcoin started falling sharply and even briefly dipped below $44,400 by Friday morning.
However, bitcoin was subsequently able to recover and bounced up quickly. The price initially encountered some resistance around $45,000, but shot up to $46,500 a few hours later. Bitcoin struggled to break through that for the rest of the day, however.
However, bitcoin briefly peaked to $ 47,000 last night, although the resistance there was too great for the time being. Since then, the USD 46,500 appears to have flipped from resistance to support. The bitcoin price at the time of writing stands at $46,600 at KuCoin and €42,200 on Battle† This morning the share price is about 3.4% in the plus compared to 24 hours ago.
Retest of highs or lows first?
Overall kept the 200 days exponential moving average (EMA) so state. That could mean we’ll soon see a retest of the USD 47,000, USD 48,000 and 200-day resistance again. simple moving average (SMA) around $48,300.
There is a chance that bitcoin could rise quickly after that, although there is likely to be a psychological barrier around $50,000. It is of course also possible that we will see another dip in between, and perhaps even a deeper one. A retest of the area just above $34,000, around the 50-week EMA, wouldn’t be much of a surprise. That was about the upper limit of the ascending triangle pattern in which the price moved for months.
#BTC hit $48.2K but couldn’t hold the top of parallel channel as support. It retested its 200 EMA before rebounding.
BTC behaved similarly last July, incl. its tech. indicators. It finally punched through the parallel channel & hit $53K.
If history rhymes, $49K-$59K likely! pic.twitter.com/tNr4nJASpl
– Allen Au 🧢 (@ AllenAu11) April 1, 2022
Anxiety and Accumulation
Despite the market and analysts becoming increasingly bullish, there is still a lot of uncertainty about possible macroeconomic developments. Rapidly rising inflation is gripping traditional financial markets, and that fear may soon return to crypto. The correlation between bitcoin and stock markets is still high.
Despite this, meanwhile, BTC’s accumulation continues to be strong, as can be seen in the charts below. This accumulation is a very bullish sign for the price.
Bitcoin user growth (blue) compared to supply issuance (orange)
This is what programmable scarcity looks like. pic.twitter.com/37CsDEB18A
— Will Clemente (@WClementeIII) April 1, 2022
ATH Hodler Balance – long-term investors now hold a record amount of nearly 12 million #Bitcoin.
The long-term conviction of these addresses helps ease selling pressure and can help reinforce the belief of Bitcoin as a store of valuehttps://t.co/rQNDofGvcH pic.twitter.com/xGAz6Vc1DC
— IntoTheBlock (@intotheblock) April 1, 2022
Bitcoin reaches milestone
Incidentally, the 19 millionth BTC of the 21 million in total was mined yesterday, a big milestone for the mother of all cryptocurrencies. Yet it will be nearly 120 years before the other 2 million are also mined.
Today, the 19,000,000th #Bitcoin will be mined.
Almost 90.5% of the total BTC supply ever will be mined today.
The last BTC will be mined around 2140.
Scarcity in the purest form. Short-term noise should not disrupt long-term focus pic.twitter.com/OojHMnpdsQ
— On-Chain College (@OnChainCollege) April 1, 2022
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