After facing a freefall for a couple of weeks, it looks like Bitcoin bulls have bounced back trading above the $43,500 level. Since the decline from the $48,000 level, BTC Price is hovering between $43,000 and $45,000.
On April 5, Bitcoin reached above $47,000, but the bears were quick enough to take over the market control as the next day Bitcoin had a drop to $45,000. On April 7, the situation worsened even more as the flagship currency bottomed at $42,800.
However, at the press time BTC price has regained the $43,500 level trading at $43,575 with an increase of 0.29% over the last 24hrs. With the mid-halving event scheduled on April 11, traders are expecting Bitcoin to surpass $44,000 and reach the $45,000 level. On the flipside, if Bitcoin fails to form a bullish momentum, we could see bitcoin below the $42,000 level.
Bitcoin Bulls Run Towards $44k
Santiment, an on-chain analytics platform, took to Twitter to announce that the Bitcoin price is indicating bullish divergence as the number of unique tokens on the network is showing a bullish signal. At the current market level, the Bitcoin NVT token circulation model data is indicating an upcoming Bitcoin rally.
Meanwhile, BTC Whale Transaction has reached above $100k which is proof that this is the largest spike in whale transactions in the last 24hrs also Whales have moved more than 1000 BTC which is worth more than $100,000.
Also in the midst of Bitcoin redistribution, Whales haven’t stopped and continued to move BTC out of exchanges. Hence, the flagship currency has surged moving strongly towards $44,000 and even the on-chain data is pointing towards Bitcoin’s positive move.