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.
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:
#crypto is just going to become bigger and bigger and bigger. This is THE asset class to be invested in.
— Lark Davis (@TheCryptoLark) April 17, 2022
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
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