Bitcoin (BTC) price continues to fluctuate in the $40,000 region. While Santiment data points to an increase in whale accumulation, according to analysts, failing to stay above this zone may lead the BTC price below 30 thousand dollars.
What levels does the Bitcoin chart point to?
According to the on-chain data source Santiment, whales are stocking up during the recent price drop below $40,000. In their recent analysis, Santiment reveals up-to-date data on whale behavior:
Since the April 10 price plunge below $40,000, Bitcoin whale addresses of $100 to $10,000 have collectively collected 18,104 additional BTC. However, its assets have continued to decline significantly since October. Meanwhile, USDT’s purchasing power looks promising.
Crypto researcher Ali Martinez says, based on current technical chart levels:
$40,800 for Bitcoin’s chances of returning to $45,000 or perhaps $50,000. it has to go above it. Note that a decisive daily close below $39,400-$38,500 could undermine the bullish perspective, resulting in a pullback below $35,000 or perhaps below $30,000 for BTC.
Bitcoin, which was traded around $43,000 in the early hours of Thursday, lost its pace after the Fed’s interest rate announcements. The Fed is considering tighter monetary policy, which will be a drag on risky assets like stocks and cryptocurrency. He signaled that interest rates will be increased by 50 basis points at the next FOMC meeting in May.
Altcoin market analysis
Like Bitcoin, the altcoin market is also under pressure. Ethereum (ETH), the world’s second-largest cryptocurrency, fell 3% but remained above the critical support level of $3,000. According to Santiment:
This week saw a significant increase in Ethereum address activity, with Wednesday’s 592k addresses being the highest number of unique interactions in over a month. Meanwhile, social discussions for ETH reached new heights in two months.
All other top 10 cryptocurrencies corrected by 3-5 percent. As we have included in the analysis of Kriptokoin.com, one of the most resistant altcoins to fall was Terra (LUNA).
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