Bitcoin Price Analysis: Price Regains Bullish Momentum Above $40K Following Recent Slump
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Data from CryptoQuant suggests that a spike in Bitcoin outflows from trading platforms has been recorded, with over 30,000 BTC funneled out of Coinbase Pro.
The increased outflow of BTC from Coinbase is not an isolated occurrence, as other cryptocurrency exchanges record similar behavior among institutional investors between late March and early April.
Commenting on the recent development, CryptoQuant CEO Ki-Young Ju noted that institutional interest in BTC “might be the big narrative” in the crypto industry again.
Bitcoin tapped its lowest point in five weeks at $38.5K yesterday as investors withdrew money from Coinbase.
That said, market analyst John Roque recently commented that Bitcoin charts suggest that a further price decline is not far off as BTC is “not close to an oversold reading.” Roque also explained that Bitcoin’s near-term support rests around $35K and that a break below that support could see the benchmark cryptocurrency dip as far as $30K.
Regardless, the recent outflow from Coinbase and other crypto exchanges suggests that institutional investors are trooping back into the crypto space.
Key Bitcoin Levels to Watch — April 19
Bitcoin has re-emerged on top of the $41K barrier following increased institutional accumulation over the last few days. With the leg up, the primary cryptocurrency has returned within my unhinged channel and atop the critical 100 EMA, painting a bullish picture for BTC in the near term.
That said, I expect the cryptocurrency to align with my price cycle within the channel, indicating that we should see BTC refresh its 2022 highs and tap the $48.5K top by next week. Bear in mind that the monthly target for bulls remains at the $50.5K level.
Meanwhile, my resistance levels are at $42,000, $43,000, and $44,000, and my key support levels are at $41,000, $40,000, and $39,000.
Total Market Capitalization: $1.92 trillion
Bitcoin Market Capitalization: $789.4billion
Bitcoin Dominance: 41%
Market Rank: #1
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