- Bitcoin (BTC) Surged 3% in the past seven days.
- Market uncertainty persists; traders eye a $43,290 breakout or $42,460 breakdown.
Bitcoin (BTC), the largest cryptocurrency, has kept its investors on edge with a stagnant price movement in recent weeks. Currently, experiencing a modest surge of 0.33% in the last twenty-four hours and a 3.16% increase over the past seven days, it has slightly broken the tight trading range between $40,000 and $43,000, now trading at $43,147.48.
Meanwhile, the trading activity of Bitcoin exchange-traded funds (ETFs) paints a nuanced picture. While ARKB leads in volume, the Grayscale Bitcoin Trust (GBTC) has experienced a decline, hinting at a shifting landscape within the market. The sustained interest in Bitcoin ETFs, however, may counteract the downward pressure on its price if it translates into increased demand for the digital asset.
What Awaits BTC Traders?
As miners prepare for Bitcoin’s upcoming fourth reward halving in April, the amount of BTC in their wallets has hit the lowest point since July 2021, standing at 1,814,691 BTC. This depletion has sparked speculation about a potential price decline in Bitcoin, offering a positive boost for altcoins.
Traders are eyeing critical levels; if Bitcoin manages to surpass $43,290, it may surge further to test the $43,730 resistance level. Conversely, a drop below $42,460 could lead to a test of the $41,920 support level.
Moreover, the 9-day exponential moving average (EMA), currently positioned below the trading price at $42,638, approves the bulls’ stay. However, the daily relative strength index (RSI) suggests a neutral condition, standing at 54
