On Tuesday, Bitcoin price was hovering below the $47,000 mark. Ethereum too was flat as the global cryptocurrency market remained volatile. Bitcoin, the world’s most valuable cryptocurrency by market capitalization, is trading at $45,342.51 with 3% loss.
The flagship currency declined to a $44,234 low and initiated a sideways trend. Since the start of Q2, BTC/USDT has been fluctuating between $45,400 and $48,000 price levels. At Present, the BTC price has declined and found support above the $44,404 low. However, if the bears break below the current support or the moving averages, the market will further decline to a $40,544 low.
On the flip side, If the BTC Price rebounds to rise above the $45,400 level, we can expect the BTC price to propel and break the initial resistance at $47,000. In case of an extended rally, the cryptocurrency might also hit the $48,000 level.
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Bitcoin Fails to React to Microstrategy’s Move
MicroStrategy has a new BTC buy, but the 200-day moving average is still dictating Bitcoin price activity. Despite acclaim from analysts, news that MicroStrategy had purchased over 4,000 BTC failed to deliver long-term market strength.
The firm’s Bitcoin treasury now stands at 129,218 BTC, making it the world’s largest. Terra’s plans meant that its own holdings would eventually surpass those of MicroStrategy and every other Bitcoin tycoon.
Meanwhile, on higher time frames, there was enough to be happy about for trader and analyst Rekt Capital. On April 5, he hailed Bitcoin’s Q1 candle a success in a series of tweets, despite the fact that its price at the start of Q2 was about the same.
What’s intriguing about BTC right now is that it’s retesting the quarterly mid-range level on the weekly period as support, according to another post. Due to a tightening of the Bollinger Bands volatility indicator, Rekt Capital also signaled oncoming volatility on the weekly chart.
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Source: https://coinpedia.org/bitcoin/bitcoin-dropped-back-to-45k-level/