Bitcoin [BTC] wavers in April, can whales inflict a new high in May?

Bitcoin [BTC] saw profit-making above $30k, leading to a pullback. But whales accumulated silently off the drop too. Are more long-term gains likely?

BTC’s press time price level mirrors May 2022 lows. In early April, BTC broke above its $26.8k – $28.6k range but hit an ascending trendline resistance . The trendline resistance prompted profit-taking after BTC surged above $30k, setting it to dip and waver slightly afterwards.

But bulls have firmly defended $26.8k support, reinforcing the bullish sentiment. As such, bulls could attempt to rally to the ascending trendline resistance near $32.4k. Above the aforementioned resistance, the other obstacles lay at $34.3k and $37.5k. On the downside, bulls could try to prevent further drop at $25.25k if the $26.8k support cracks. The March lows of $20k could check any extreme retracement beyond $25k.

Meanwhile, the RSI retreated from lower ranges – confirming increased buying pressure. However, the volume and OBV dipped slightly and stagnated after mid-March, indicating limited demand in the same period.According to Glassnode, 54% of the BTC supply remained unmoved for over two years at press time. It means BTC’s supply is tightening and also captures the long-term bullish prospects of the asset despite recent price fluctuations. rate rose from $11.548 billion on 1 April to $11.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

CryptoAmb /  🏆 22. in CA

Canada Latest News, Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Bitcoin [BTC]: Interest in Ordinals rises, but is FUD on the way?Interest in BTC ordinals started to surge, due to which the fees collected on the network increased. However, the FUD surrounding U.S. government and Mt.Gox wallets may impact BTC in the future.
Read more »

As Bitcoin [BTC] emerges victorious amidst banking crisis, will it reclaim $30kThe spate of banking collapses in March led investors to put their funds in the crypto market and see BTC as a hedge against traditional finance.
Read more »

Bitcoin [BTC] whales are on the move again, will this kickstart a new rally?Bitcoin whales started to show interest in the king coin yet again. Should retail investors be skeptical of a rally?
Read more »

Bitcoin [BTC] long-term holders cash in: Will the market crumble under sell-offsLong-term Bitcoin holders are profiting as the Spent Output Profit Ratio (SOPR) reaches a new milestone. However, profit-taking may be putting pressure on Bitcoin's steady climb.
Read more »

Bitcoin futures outweigh spots: Gauging the soaring BTC volatility, trading activityAs Bitcoin's volatility index exceeds 60%, futures trading volumes continue to dominate the market, with traders actively taking long and short positions to maximize their profits.
Read more »

Bitcoin [BTC]: Will high network activity affect traders? Assessing…Bitcoin witnessed a massive surge in activity over the last few days. The illiquid supply of the coin started to rise as traders turned optimistic.
Read more »