- The latest data shows that Bitcoin whales are busy buying additional supplies.
- The rising trend line level of $40000 may give solid support for bullish continuation.
On Sunday, the vast majority of cryptocurrencies were trading in the green. Bitcoin was trading near its long-term support level the previous day while the crypto markets continued to fall. After a quarter of buildup, the Bitcoin (BTC) price achieved a strong breach from the $45000 barrier. On March 24th, the currency price closed above this barrier, indicating that purchasers want to continue their upward momentum.
According to the technical chart, BTC traders react to an ascending wedge formation by retracing to the support trend line. In addition, the rising trend line level of $40000 may give solid support for bullish continuation. Following Friday’s intraday high of $43,903.02, Bitcoin prices fell on Saturday as investors sold part of their holdings in anticipation of further volatility. Ethereum’s price has currently down by nearly 6% in the previous seven days, putting it close to the long-term bottom.
Whales Continue Buying BTC
An event in Miami to commemorate the world’s most popular cryptocurrency and other assets have come to a close, with more than 25,000 people attending. Since the COVID-19 epidemic ravaged most of the world’s economies, the crypto economy has grown and flourished, with more crypto businesses developing and prospering. Since the outbreak, Bitcoin’s value has doubled despite a roughly 40% drop from November’s record high.
Popular crypto analyst Crypto Rover recently tweeted about Bitcoin price about to have a bullish move. Unfortunately, this claim was based on a chart posted along with the tweet.
I believe #Bitcoin is about to have a massive bounce! 🚀👇 pic.twitter.com/HxGCwQVky9
— Crypto Rover (@rovercrc) April 10, 2022
The latest data shows that Bitcoin whales are busy buying additional supplies from sellers on Bitfinex. There have been several reports about the importance of Bitfinex whales and their recent activity on the exchange. As with another anonymous large-volume wallet, the technique of dollar-cost averaging has seen millions of dollars of Bitcoin purchased at regular intervals regardless of price change.
