- The price trend of BTC is above the R1 pivot level on the weekly chart.
- The 24- hour trading volume is at $29 Billion.
- On-chain data shows a supply squeeze for the long term.
The weekly technical chart of BTC price actions displays a downtrend. According to the pivot levels, the primary support level is $20600. On the other side, if it rushes up, the resistance level to follow is $46146. Although the chart forms a Doji star candlestick pattern within the week, it is predicted that the price may consolidate with medium reliability.
The Zig-Zag framed a top of $64895.22 on 12 April. After that, investors can notice a massive correction of 55%, all the way low to $28600. Now price levels are back around the range of $40K this week.
The volume of (809) is above the MA of 20-days (31.219K). As a result, buying pressure is low in BTC, causing its price to consolidate above the resistance zone. Investors may also mark that the volume bars on the chart are declining, which intimates that notable volatility is expected in the upcoming trading session.
The MACD indicator confirms (bearish) crossover below the signal line on 19 April, indicating a sell signal in the coin. Moreover, Investors can see faded red bars in the Histogram index.
Bitcoin (BTC) Price There is a Long-Term Purchasing Culture That Leads to a Shortage of Supply
The Accumulative address is an address with at least 2 incoming transfers without dust and has never spent funds. Therefore it is a good sign for the long term price trend of Bitcoin.
BTC price is $40205, with a daily loss of 3.9% and a weekly gain of 13.3%. In addition, the price is moving above the R-1 pivot level. The MACD indicator confirms a sell sign, and the traders have led to low buying pressure. Technically, the price shows signs of positivity and continues in an uptrend. Therefore, as with the overall market view, the trend remains bullish.