On the last day of the week, the price of bitcoin has fallen to a monthly low of $ 39,000 after several days of trying to stay above the $ 40,000 level following rising bearish sentiment. Some of these indications are that the price will fall further and it is happening. Thus a number of market players both in retail and institutional circles are ready to enter positions between the $ 37k - $ 40k price range.
Minkyu Woo, a technical analyst at CryptoQuant, claims that while BTC sales continue, there are signs that the ‘Whale’ group is buying large amounts of BTC.
The BTC price range of $ 37k - $ 40k is seen as a critical accumulation phase that has been going on since March 2022. Woo said, often the previous scenario where there was an increased outflow with large amounts of bitcoin diluted from the exchange then followed that the price went up then it often reversed market price decline sentiment in the short term.
#BTC Daily Chart,
Since Q4 of 2020 until the present, clear movement from smart money has been detected. (Stablecoin inflow MA)
By seeing below chart, BTC is in the bottom zone clearly and it is really hard not to buy BTC now. #BTC #Bitcoin pic.twitter.com/ofbtH8UqLQ
- Minkyu Woo (Min) 우민규 🇰🇷🇹🇭 (@minkyutekken) April 18, 2022
Today, the BTC price has managed to recover and recorded a price reading of $ 41,711 with an increase of over 2% in 7 days. Woo added, the bitcoin price is currently trading almost at the 200 MA support line level since Q4 2020, this will attract market players to collect the largest cryptocurrencies according to market limits.
On the other hand, Plan-B analysts also stated the same thing that the realized price of Bitcoin near 200-WMA indicates that price spikes can be expected historically, in late 2016 and mid 2020, Bitcoin price increased massively after the realized price reached the level 200-WMA. Will the same episode be repeated? it may say Plan-B.
