Bitcoin recovering from its 6-week low point?

According to data from Cointelegraph Markets Pro, and TradingView, the largest cryptocurrency, Bitcoin, was trading at $39,268 on Bitstamp at the time of writing, a 2.5 percent increase.

As soon as Wall Street trading began on April 26, Bitcoin followed stocks downhill once more, reaching $37,700 twice.

Despite the fact that that location was already on the radar as a potential liquidity grab, others were skeptical that the sell-off was complete.

Popular trader Kaleo contended that the recent reprieve was really a dead-cat bounce, and that the real suffering would begin when momentum stopped.

The price has recovered from the $40K mark and is attempting to break over the 100-day moving average. If a bullish breakout happens, the 50-day moving average and the $42K zone will provide substantial resistance, followed by the 200-day moving average.

If demand fails and the price is rejected by the 100-day moving average, the $36 level will be the first important support. Bitcoin’s price has been unable to close below this level for several months, and it’s a critical milestone for the bulls to defend.

Despite the fact that risky assets have been punished in recent days, Bitcoin hodlers are focused on the long-term optimistic predictions and disregarding the short-term downturn. According to Glassnode statistics, Bitcoin’s supply that has not moved in at least a year has surpassed 64 percent for the first time ever.

Bitcoin fell just below immediate support level of $38,536 on April 2, but the bears were unable to capitalize on their advantage. The extended tail on the day’s candlestick indicates heavy buying around the ascending channel’s support line.

Buyers will now try to push the price over the 20-day EMA ($40,974). If they succeed, the BTC/USDT pair might reach $43,000.

If the price falls below the 20-day EMA, it indicates that sentiment is still bearish and bears are trading on rises to strong upward resistance levels. The pair might then fall to the channel’s support line.

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