BTC Price Holds Above Crucial Support as Bears Resume Selling Pressure – April 5, 2022
Since March 31 price slump, Bitcoin fell to $45,190 low as bears resume selling pressure. For the past week, the BTC price has been fluctuating between $45,400 and $48,000 price levels. The largest cryptocurrency has remained stable above the current support. Today, BTC/USD has declined and found support above $45,400. The bulls and bears are yet to break the range-bound levels. Bitcoin is trading at $45,941 at the time of writing.
Resistance Levels: $70,000, $75,000, $80,000 Support Levels: $50,000, $45,000, $40,000
Following the failure of the bulls to break the $48,192 resistance, Bitcoin declined to $44,234 low and resumed a sideways trend. Since April 1, the largest cryptocurrency has been fluctuating between $45,400 and $48,000 price levels. Today, the BTC price has declined and found support above $44,404 low. However, if the bears break below the current support or the moving averages, the market will further decline to $40,544 low.
The crypto will rise to revisit the previous highs if the current support holds. On the upside, a rebound above the breakout level of $45,400 will propel BTC’s price to break the initial resistance at $47,000 and rally to the $48,000 overhead resistance. A break above the overhead resistance will catapult Bitcoin to the high above the $52,000 high.
Microstrategy Subsidiary Purchases another 4,197 BTC
The enterprise software development firm MicroStrategy has filed with the U.S. Securities and Exchange Commission (SEC) that its subsidiary MacroStrategy acquired 4,197 Bitcoin (BTC) ($190.5 million) at a weighted average price of $45,714. Incidentally, MicroStrategy and its subsidiaries now hold a total of 129,218 BTC, with a total aggregate purchase price of $3.97 billion and an average purchase price of $30,700 per BTC. The software development firm has been investing in BTC since August 2020.
Meanwhile, the BTC price has fallen above $45,300 support as bears resume selling pressure. Bitcoin risks further decline if the bears break below the moving averages. The sideways move will resume if Bitcoin finds support above the moving averages.
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