- BTC might revisit $48,000 if it recovers quickly over $45,000.
- Bitcoin is down 4.07% in the last 24 hours.
After two days of unrelenting selling, the BTC price has found some respite. Increased selling pressure has driven prices down to the immediate support level after a period of consolidation. In addition, if the price falls below the 50-day EMA, then $40,000 cannot be ruled out. On the other hand, BTC might revisit $48,000 if it recovers quickly over $45,000.
Consolidation at $43,700, on the other hand, might be necessary to ignite another leg-up to $45,000. BTC might also rise beyond its recent swing high of $48.124.94 if the bullish view is more robust.
Large Whales Buying the Dip
Assuming BTC purchasers can maintain this level daily, they will next attempt to retake the psychological level of $50,000. From $37,500 to the latest swing highs, BTC increased roughly 30 percent during the period. Famous analyst MMCrypto shows confidence that Bitcoin price will reach $50K in April.
Still seeing $50k #BTC in April.
— MMCrypto (@MMCrypto) April 7, 2022
With almost 6,000 BTC added in a single day, the most prominent Bitcoin wallets buy the dip during the current market drop. Yu Shiuan Chen, analysts from CryptoQuant, believe that the biggest Bitcoin wallets have been actively purchasing amid the recent crypto market slump.
As per a recent post from Yu Shiuan Chen:
“Retail investors and small whales sell BTC, but top 69 large whales buy the dip. We can see a slight increase in BTC exchange reserves during the last 7 days, but Top 69 large whales buy the dip, even today they bought more than 6,000 BTC (Net).”
According to CoinMarketCap, the Bitcoin price today is $43,535.36 USD with a 24-hour trading volume of $36,769,720,188 USD. Bitcoin is down 4.07% in the last 24 hours.