Bitcoin (BTC) Prices Consolidates Amid Recent Fumble
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- Another bull cycle might begin if the Bitcoin price holds over the $40000 barrier.
- Volatility is diminishing, suggesting a positive reversal towards $45000.
A short-term bull rally in the inverted Flag pattern channel echoed the Bitcoin price. Coin prices have fallen to a common support level of the rising trend line and $40000 due to the latest crypto market sell-off. Volatility is diminishing, suggesting a positive reversal towards $45000. On April 6th, the Bitcoin price fell below the $45000 support due to the bearish flag pattern channel. Last week’s sell-off was precipitated by the breakthrough of this level, which had served as a key resistance level in the previous quarter.
Bull Cycle Around the Corner
BTC/USDT fell by 10% during the wild fall to the psychological support level of $40000. After that, price activity was coiled into a brief consolidation by an ascending trend line that met the $40000 support. This stopped further losses. Famous crypto analyst Lark Davis tweeted about the growth of the crypto sector, and investment in this sector is a perfect choice.
Another bull cycle might begin if the Bitcoin price holds over the $40000 barrier. In addition, the market participant may keep a short-term bullish trend line as long as the support trend line is maintained.
According to a new analysis by Arcane Research, more than 80 million cryptocurrency users already have access to the Lightning Network. A year ago, there were just 100,000 Bitcoin Lightning network users, representing a 79,900% increase in access. According to CMC, the current Bitcoin price is $40,228.15 USD, with a trading volume of $16,043,780,083 USD in the last 24 hours. In the previous 24 hours, Bitcoin has gained 0.09 percent of its value.
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