Bitcoin Fluctuates Between $38.2K and $38.85K as BTC Hovers Above $38.2K – April 30, 2022
Since April 29, BTC/USD has declined to the low of $38,200 as BTC hovers above $38.2K. The upward move was hindered at the $38,850 resistance zone as Bitcoin continues its downward movement. Nonetheless, the price movement has been slow because of the presence of the small body indecisive candlesticks. The downtrend will resume if Bitcoin loses the $38,200 support.
Resistance Levels: $70,000, $75,000, $80,000
Support Levels: $50,000, $45,000, $40,000
For the 48 hours, Bitcoin (BTC) has been fluctuating in a tight range between $38,200 and $38,850 price levels. The price movement has been characterized by the presence of small body candlesticks. These indecisive candlesticks are indicating that buyers and sellers are undecided about the direction of the market. The presence of indecisive candlesticks will prolong the current range-bound movement of Bitcoin. On the downside, if the bears break below the $38,200 support, the market will decline to the low of $37,515.70.
On the upside, if the current support holds and Bitcoin rebounds, the bullish momentum will break the initial resistance at $38,850. It will extend above the moving averages. Bitcoin will resume its uptrend if bullish momentum is sustained above the moving averages. In the meantime, BTC/USD is still fluctuating between $38,200 and $38,850 price levels.
Bitcoin Network Hash Rate Increases by 400% amid Price Volatility
The BTC network hash rate signifies the growing number of miners on the blockchain. Since the crypto mining ban by China last year, the BTC network hash rate fell below 70 EH/s. When Bitcoin struggled above the $40,000 price level, the network’s hash rate hit a new record high of 258 EH/s on Thursday before settling around the 220 EH/s mark. Bitcoin network hash rate hit a new record high by400% increase since the mining ban by China last year.
Meanwhile, Bitcoin is confined in a range between $38,200 and $38,850 price levels as it hovers above $38.2K. The cryptocurrency will trend when the range-bound levels are breached. Meanwhile, on April 11 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that BTC will fall but reverse at level 1.272 Fibonacci extension or $37,055.50 price level.
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