Bitcoin (BTC) is currently moving in the $43k-$45 range after plummeting from the $48k level within a week. On-chain data indicates a bullish divergence and a rise in whale activity at current levels. Thus, the Bitcoin (BTC) price could see a strong upward movement from here. At the time of writing, the Bitcoin (BTC) price is trading at $43,615, rebounding nearly 2% in the last 24 hours.
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Bitcoin (BTC) Price Builds Bullish Momentum
On-chain analytics platform Santiment announced in a tweet on April 8 about the Bitcoin (BTC) price indicating bullish divergence as the number of unique tokens on the network moves into bullish territory. The Bitcoin (BTC) NVT token circulation model data points to an upcoming rally in Bitcoin price at the current market levels.
Bitcoin dropped to below $43.1k, and has recovered mildly since. Through the first week of April, our model indicates a bullish divergence between the amount of unique $BTC moving on its network vs. current market cap levels.
Moreover, Bitcoin (BTC) Whale Transactions above $100k indicate that the largest spikes in whale transactions in the last 24 hours. Whales moved more than 1000 BTC worth more than $100,000. Moreover, amid the Bitcoin redistribution, whales have continued to move Bitcoin out of exchanges. Thus, the Bitcoin (BTC) price is moving higher since bottoming out near the $43k level. Also, the on-chain data points to strong bullish momentum in the Bitcoin price.
Bitcoin Whale Transactions. Source: Santiment
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Bitcoin (BTC) Upcoming Price Trend
The Bitcoin price is currently trading sideways at the moment. With the mid-having event scheduled on April 11, the price should break higher above the $45,500 level to confirm a bullish rally. However, if the Bitcoin (BTC) price fails to build momentum and breaks the 43,000 level, we could see more downside in price.
As per CoinMarketCap, the Bitcoin price is down nearly 3% in the last week.
Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space.
At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting.
Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.
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