Bitcoin price is hovering around the same levels for a pretty long time and the current consolidation points toward a notable uptrend. As the crypto space is trying to recover hard from the previous day’s loss, the ber still appears to maintain an upper hand. Therefore, the popular assets may witness another plunge in the up coming couple of hours that may squeeze out the gains drastically.
However, the star crypto is manifesting notable signs of a strong rebound which may prevent the asset from plunging below $38,000. However, the star crypto currently appears to be well on track as it is on the verge to form a huge symmetrical triangle. And with a breakout, the price is expected to rise towards the $100K target by the end of the yearly trade. Yet considering the present week’s trade, the BTC price is expected to restest the $42,000 at the earliest.
The asset is consolidating heavily around the $40,000 levels and refusing to plunge below $39,000 nor able to surge beyond $41,000. Therefore, a strong consolidation along these levels may assist the price to gain some strength to jump beyond $41,000. On the other hand, the whales accumulate BTC throughout the week indicating a strong trend reversal on the way.
As per the on-chain analytical platform Santiment, Bitcoin whales are accumulating as the whale transactions are exceeding more than a million through the weekdays. However, the weekends remain a little passive. Therfore, it may clearly point out toward a pre-determined prie bounce once April’s retracement is over.
Collectively, the Bitcoin price currently is consolidating hard and on the verge to ignite a minor descending trend. On the other hand, the price is slowly gaining huge attention from the traders and whales which may ignite a strong uptrend. Once the levels of $42,000 are sealed one can expect a healthy uptrend further.
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