Though Bitcoin seems to be in a green candle, the currency is still in a correction zone. On April 11th the crypto market witnessed the world’s largest cryptocurrency by market capitalization bottoming between $38,000 and $39,200 level. However, over the past few weeks, with a buy signal, the buyers have been able to push Bitcoin’s price above $40,000.
At the time of reporting, Bitcoin is changing hands at $41,633 with an uptrend of 0.68% over the last 24hrs. The flagship currency is struggling to withstand the price above the $41,300 region which is its currency support zone.
Today, in the early couple of hours, Bitcoin had slipped below its support zone, but bitcoin bulls were quick enough to push the price above the $41,300 level. If bulls maintain their control, then it will be more feasible for BTC price to see trading at $42,800.
On the flip side, if Bitcoin bears take up the charge and drag the king currency’s price below the $41,300 zone, the BTC price will bottom at the $38,800 mark
Bitcoin Whales Continue Their Accumulation
When the flagship currency was hovering around the $40,000 level, BTC whales began their accumulation phase as the Bitcoin price too was stabilizing. Also, the third-largest whale has been acquiring Bitcoin since April, in the last seven days, this whale has bought 2822 Bitcoins and more than 6300 in the month of April.
Bitcoin’s social sentiment has also turned bullish as the traders and whales have a positive approach toward its price. As Bitcoin’s price is finding a stable balance in the past two days with the currency surging above $41,000, analysts expect a bullish rally in the coming days.
Analysts like PlanB are also bullish on bitcoin’s price and say that the firstborn currency could bounce higher from now as the realized price reaches near the 200-week moving average.