The largest cryptocurrency by market cap is still consolidating below $40,000 and has yet to display any conclusive indicators that would indicate the trend’s direction. Bitcoin’s price recently tried to break through the $39,800 and $40,000 resistance levels on the upside. The bears, on the other hand, were busy near $39,800.
According to one expert, there are positive signals for the largest cryptocurrency, according to CNF. Trading ranges on market majors remain tight as the tension between Russia and Ukraine spurs a global risk-off attitude, says Will Hamilton, head of trading and research at Trovio Capital Management, an Australian institutional crypto investment firm.
Bitcoin began the week testing range lows of $37,180, followed by a 14.6 percent raise to the upside before being rejected at $42,600 and falling back to lows for the rest of the week, he continued.
Will Bitcoin Turn Bullish Soon?
Bitcoin’s supply dynamics have demonstrated some bullish accumulation activity this week, despite the bearish macro sentiment. Significant exchange outflows happened in the second half of the week, with 40,700 Bitcoins being taken from exchanges, with the most prominent outflow being a 31,000 outflow on Coinbase last Friday.
These big outflows bolster the Bitcoin Holder net position change chart below, which recently shifted into accumulating territory, Hamilton argues.
“If passed, the excerpt would have required blockchain operators to submit a rollout plan detailing how they will achieve environmental sustainability compliance. Failure to submit a plan may prohibit coins from being mined or traded in the EU,” he told Crypto news Flash Platform.
At the time of writing Bitcoin is trading at $39,529 and is inching closer towards the significant $40,000 mark.
To begin a continuous rise, the price must clear the $39,800 and $40,000 resistance levels on the upside. Otherwise, it may fall below the trend line and test $38,000. Near the $37,650 level, the next big support can be seen.