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Bitcoin has tried many times to push past the $40K resistance level in the last three months. At press time, Bitcoin is trading for $38,096 after a weekly appreciation of 0.27%. The market sentiment is also in favour of a bullish trend due to the crossing of several key resistance levels by Bitcoin. As the new report shared by CryptoQuant claims, several technical indices confirm further bullish movement.
The biggest portion of total transactions performed on the market is dominated by the Big Buyers. However, on the whole, inflows are upstaging outflows for the time being. This has also caused the spot reserves to go downwards on all major crypto exchange platforms.
CryptoQuant is a digital asset market analysis aggregator. The charts shared by CQ indicate that at present, Bitcoin is at the height of the outflow. Bitcoin has been testing between the low range around $29K and the top range of $40K since last week. As per CQ experts, during the first retracement after the initial $30K ATH in 2021 same outflow volume as the present was noted on the market.
CQ further added that Bitcoin must break out of all the existing resistance levels to the max. The date from CQ also affirms that Bitcoin can get back to the last recorded ATH in April without the need for a whimsical rise in demand. The CQ interjected that the big bulls are succumbing to pressure from the bears that were ready for a $30K support breakage.
Will Bitcoin Be Able to Go as High as $50K in the Next Week or Next Month?
While the chances of Bitcoin getting back to $60K seem to be slim at present, the bulls are still wondering if the flagship cryptocurrency will be able to get an evaluation of $50,000 in the near term. For the time being, the biggest bull mover Amazon has denied all rumours regarding the accumulation of Bitcoin. The BTC outflow in the open market is still on the rise.
QCP Capital claims that investors were willing to purchase Bitcoin at the $42K-$44K range for more than 2000 Bitcoin units within the three week expiration period. It means that a good number of big investors are bullish for the flagship cryptocurrency in the coming weeks. Over the weekend, the massive number of expiration options can send Bitcoin to the $42K range. QCP Capital claims that in the next week, Bitcoin price could reach $50K.
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