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Bitcoin (BTC) Prices Consolidates: Ready to Bull?

A short-term bully rally appears in the inverted Flag pattern in the Bitcoin price.
Bitcoin (BTC) Prices Consolidates: Ready to Bull? btc coin as featured image

BitCoin prices have fallen to a common support level of the rising trend line and $40k due to the latest crypto market sell-off. Volatility is diminishing, suggesting a positive reversal jump to $45k.

On April 6th, the Bitcoin price fell below the $45k 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.

A Bull Cycle?

BTC / USDT fell almost 10% during the wild fall to the psychological support level of $40k. After that, price activity was coiled into a brief consolidation by an ascending trend line that met the $40k support.

Famous crypto analyst Lark Davis tweeted about the growth of the crypto sector, and investment in this sector is a perfect choice:

Another bullish run might begin if the BTC price holds over the $40k 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 80M 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.

Image by Borko Manigoda from Pixabay

Edward Nored

Edward Nored

Edward is a naturally curious BTC lover with a deep interest in blockchain, fin tech, fields which he dedicates his time to researching.

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