Bitcoin recovered from its $30,000 high and has been trending upwards in the current range. First crypto market cap succeeded in tracing its weekend losses, and it returned to $40,000
TA: Bitcoin Recovers Losses But Here’s Why $41.5K Could Prevent Gains| TA: Bitcoin Recovers Losses But Here’s Why $41.5K Could Prevent Gains
Bitcoin is trading at $41,600, with a profit of 6% and 5 percent in the past 24-hours, and seven days, respectively, as of the writing.
The general sentiment in the market seems optimistic as BTC’s price was able to push back the bears’ fresh assault and prevent further losses. NewsBTC yesterday reported that the $38,000-39,000 region was filled with bid orders. This proved to be a crucial area for rebound.
The current price action seems to be trending upwards in volatility after a long period of stagnation for BTC’s price. Arcane Research data shows that Bitcoin could be experiencing low volatility, which may lead to a new rally or even a rebound from its highs.
The research firm noted that Bitcoin’s 30-day volatility reached a multi-year low. This metric was last at its current level in November 2020.
Bitcoin then broke away from bear market prices between $3,000 and $16,000, moving into unknown territory. The decrease in volatility seems to have hinted at This price movement and could potentially be indicative of BTC’s future performance as it rebounds back to $40,000.
Arcane Research noted the following on BTC’s volatility and why it is signaling more market activity:
Bitcoin’s dull price action over the recent month led bitcoin’s 30-day volatility to reach its lowest levels since November 5thOn Saturday, April 16, 2020Th. Although the low volatility regime in fall 2020 lasted almost three months, such a prolonged period of low volatility is not common.
Bitcoin Whales Increase Price Below Its Limit
Separate data for Material Indicators (MI). indicatesAn increase in short-term Bitcoin investor activity. As seen below, investors with bid orders of around $100,000 (in purple), $10,000 (in red), and $1,000 (in green) are buying into BTC’s current price action.
Retail investors and “Mega” BTC whales remain dormant. Other investors have bought up to $60 million of BTC in the past 24 hours.
$39,000 and $38,000 continue to display important support for BTC’s price in case of potential downside. To the upside, $45,000 and $48,000 are BTC’s most important resistance levels with over $10 million in asks orders on these two levels alone.
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Are the BTC whales able to push crypto currency up to high $60,000? Or into new territory like it did in November 2020. We will see. It seems that the macro environment is not favorable for another rally.
#FireCharts2. (beta). #BitcoinThe liquidity market is in flux. Between now and the 50 Day MA, there is currently approximately $25M of Ask liquidity.
MegaWhales are yet to purchase. #Crypto
More from Material Indicators… https://t.co/26BLOFwenL pic.twitter.com/qRagkZTBlg— Material Indicators (@MI_Algos) April 19, 2022