Sign Up on MEXCBitcoin (BTC) Price Trend Confirms Bullish Momentum, Here’s Why
The Bitcoin (BTC) price successfully rebounded from near the support level on Tuesday as whales again showed interest in an upcoming rally.
In fact, the BTC price has now confirmed a bullish divergence pattern. This indicates bears are losing momentum and bulls are ready to control the market.
Bitcoin (BTC) Bulls Gains Control of the Market
Bitcoin (BTC) price has returned to the $39k-$41k range as the market sentiment turns bullish amid Elon Musk‘s acquisition of Twitter and whale accumulation from the dip. Bitcoin price has rebounded more than 5% in the last 24 hours, with the current price trading near $40,472.
Crypto analyst Scott Melker (The Wolf of All Streets) noted in a tweet on April 26 regarding the confirmation of bullish divergence on the BTC chart. He believes BTC is forming a bottom at current levels. While the price has fallen to a new low, RSI has failed to reach low levels. Therefore, there is a confirmed bullish divergence in the daily and lower time frames.
Moreover, as per crypto analyst Rekt Capital, Bitcoin (BTC) will move higher in trend continuation as the RSI suggests the BTC rally isn’t over yet. Moreover, the price may decline again as low as the red zone but will bounce to form a strong bullish trend.
The bullish momentum has returned to the market as Bitcoin price action has broken the channel upwards, while also breaking above several patterns in multiple timeframes. Analysts are expecting a significant move above $45k levels in the next few days.
Moreover, Fidelity Investments allowing investors to add up to 20% of Bitcoin to their 401(k) plans will further push Bitcoin towards mainstream adoption.
BTC Price Awaits Bullish Breakout Above $42k
The current strong rally in Bitcoin price awaits a breakout above $42k as BTC price stabilizes above $40,500. According to CoinMarketCap, the BTC price is up nearly 4% in the last 24 hours. However, BTC has failed to surpass its seven-day price levels, as the Bitcoin price trading down almost 1.5% at the time of press.
- Analyst Calls $6 XRP Target for November Amid Ripple CEO’s White House Stockpile Hint
- Ethereum Faces Selloff Risks As Whales’ Unrealized Profit Hits 2021 Highs
- Expert Predicts 138% Shiba Inu Rally as SHIB Futures Listing Opens Spot ETF Path
- Bitcoin Will 200x From Here, Twenty One Capital CEO Says as BTC Breaks $117K After Fed Rate Cut
- BNB Chain Takes Lead in RWA Tokenization, Expert Sees BNB Rally to $1,300
- HBAR Price Prediction as SEC Approves Generic ETF Framework – Analyst Targets $1.80
- Toshi Coin Gains 57% in One Day: What’s Driving the Sudden Upside?
- Shiba Inu Price Set to Soar as Exchange Reserves Dive Amid SHIB ETF Chatter
- Pepe Coin Price Prediction as Whale Moves $25M From Robinhood- Is a Breakout to $0.00002 Next?
- XRP Price Prediction as Market Longs Hit 78% amid VivoPower Treasury Expansion Launch — Is $4 Next?
- SHIB Price Forecast: Taker Buys Lead as Developers Counter Shibarium Exploit
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
