Bullish Bitcoin! Today, April 20, Bitcoin has acquired the $41,500 level after facing the deep bottom where the price even saw dropping to $38,000 in the week. This strong performance and the consistent price gains are surely pointing toward a fresh bull run in the coming days.
After almost a one-month low, Bitcoin has bounced back sustaining its key support level as the market sentiments have brushen up.
Bitcoin Price Action
When Bitcoin price’s April lows are considered Bitcoin has jumped almost 7% and was the last trading in the $41,000 range. At the time of reporting BTC Price is trading at $41,505 with an increase of 1.96% over the last 24hrs.
This huge gain by Bitcoin is because of big traders accumulating more Bitcoins at a cheaper rate. Also, large liquidations in the future market, particularly in long positions, have caused the Bitcoin price to surpass $41,500. On the flip side, this huge liquidation indicates large numbers of traders are turning cold towards the world’s largest cryptocurrency.
On the technical view side, the indicators point out that Bitcoin’s current recovery may be just a temporary move. As per the recent analysis, Bitcoin is possibly showing an impulsive pattern that will land BTC price as high as $45,000. However, once this pattern ends Bitcoin is likely to lower below the $40,000 level again.
Bitcoin’s loss is being felt in the Crypto space as the concerns over rising inflation and hawkish Federal Reserve have dragged the world’s largest cryptocurrency by market cap from 2022 highs.
Funding Rates Decline For Bitcoin & Ethereum
According to data from Kaiko, a Blockchain analytics firm revealed in a tweet that funding rates for both Bitcoin and Ethereum were persistently dropping from late 2021.
Besides, Coinglass data also shows that the funding rates for almost every cryptocurrency are negative which states that traders are expecting the crypto market to see a bear cycle.