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Will the Bitcoin Price rally explode or fume into ashes?
The bitcoin price rally in recent times was attempting very hard to keep the bullish momentum intact, yet plunged dramatically. However, the BTC price since the early trading hours surged back above $46K showcasing the continued bull run in the coming days.
On the contrary, the bitcoin price appears to consolidate since the last week of February including steep dumps and slight pumps. Therefore indicating the bull run might have lost its momentum as no significant rallies have registered in the chart.
According to a technical analyst and investor, Murfski, the bitcoin bull run is over as the number of dips close to 30% has occurred multiple times.
If the similar consolidation continues, the BTC price may end up trending below $40K close to $38K in the coming days. Yet another reason for the bitcoin price dump maybe the Tether ceased the purchase of Bitcoin as per analysts, CryptoWhale.
The analysts CryptoWhale says that Tether always backed bitcoin bull run by infusing millions of USDT into BTC. However, in the current phase, the purchase might have stopped which has resulted in a narrow trend of the BTC price.
Bitcoin Bullish Momentum Cannot Be Ruled Out!
Bitcoin always bounces back with a huge impulse whenever the bears take over the market as the bulls jump into action after a strong consolidation. Currently, the price is attempting hard to sustain within the current levels and avoid further slippage to the lower levels.
The price tends as the asset is held for a longer time out of the exchanges. According to data presented by analysts Lark Davis, Bitcoin miners have stopped selling Bitcoin and initiated to HODL the asset.
This may be a very bullish indication of the price that is anticipated to flip the bear market very soon. At the time of writing, the bitcoin price rally is trending around $46,281.75 with a gain of 2.45% in the last 24 hours. However, whether the price follows the bullish trend or falls into bearish divergence is the prime focus of the moment.
Interesting Read: Top 5 Bitcoin Price Predictions for 2021 and Beyond