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Data from Cointelegraph Markets Pro and TradingView show that after holding on to support of more than $ 41,000 on the morning of April 14, the price of Bitcoin (BTC) was down below $ 40,000 in the afternoon session and hit $ 39,550 daily all.

Bitcoin needs more than $ 42,000 in support

The Bitcoin price action on the monthly chart was discussed by market analyst and anonymous Twitter user Rekt Capital, who posted the following chart showing what happened when the $ 47,000 resistance level was rejected in September 2021.

Similar to the current price action, the move in September dropped to the green support line by $ 41,300 "and also honored the high green floor."

Rekt Captial said,

"As long as BTC performs Monthly Close above the blue, history can repeat itself."

The same sentiment was expressed by crypto analyst and anonymous Twitter user Decodejar, who posted the following chart, "Bitcoin needs more than $ 42,000 support."

Check the length in the $ 40,000 area

Cryptocurrency analyst Michaël van de Poppe sees the current Bitcoin value action as a “normal playground here” based on the following chart posted on Twitter.

“If we look at the $ 42,000 barrier that needs to be broken first, that would be a break. Other than that, the $ 40,000 area is a place I would like to look at for a long time. ”

Chances of having a bullish uptrend

Understanding Bitcoin's long-term perspective based on the percentage of profits held on profits was surveyed by an On-Chain College analyst, who posted the following chart noting that the metrics "exploded at ~ 62.5% three times this year."

“Currently, more than 69% of assets are profitable. Historically, when this metric reaches the red zone (+ 95%) BTC is 'extremely hot' and the potential sales pressure is high. "

The second idea that suggests BTC's bright future is mentioned by crypto analyst and anonymous Twitter user TAnalyst, who posted the following chart analyzing the "Bitcoin choppiness index."

“For the third time since 2015, we have arrived in a green area. The last two times this happened, followed by a sharp bullish rise. Almost nothing… ”

The total market capitalization of cryptocurrency now stands at $ 1.857 trillion and the dominance of Bitcoin is 40.9%.

source: cointelegraphy

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