The Bitcoin (BTC) price successfully rebounded from near the support level on Tuesday as whales again showed interest in an upcoming rally.
In fact, the BTC price has now confirmed a bullish divergence pattern. This indicates bears are losing momentum and bulls are ready to control the market.
Bitcoin (BTC) Bulls Gains Control of the Market
Bitcoin (BTC) price has returned to the $39k-$41k range as the market sentiment turns bullish amid Elon Musk‘s acquisition of Twitter and whale accumulation from the dip. Bitcoin price has rebounded more than 5% in the last 24 hours, with the current price trading near $40,472.
Crypto analyst Scott Melker (The Wolf of All Streets) noted in a tweet on April 26 regarding the confirmation of bullish divergence on the BTC chart. He believes BTC is forming a bottom at current levels. While the price has fallen to a new low, RSI has failed to reach low levels. Therefore, there is a confirmed bullish divergence in the daily and lower time frames.
Moreover, as per crypto analyst Rekt Capital, Bitcoin (BTC) will move higher in trend continuation as the RSI suggests the BTC rally isn’t over yet. Moreover, the price may decline again as low as the red zone but will bounce to form a strong bullish trend.
The bullish momentum has returned to the market as Bitcoin price action has broken the channel upwards, while also breaking above several patterns in multiple timeframes. Analysts are expecting a significant move above $45k levels in the next few days.
Moreover, Fidelity Investments allowing investors to add up to 20% of Bitcoin to their 401(k) plans will further push Bitcoin towards mainstream adoption.
BTC Price Awaits Bullish Breakout Above $42k
The current strong rally in Bitcoin price awaits a breakout above $42k as BTC price stabilizes above $40,500. According to CoinMarketCap, the BTC price is up nearly 4% in the last 24 hours. However, BTC has failed to surpass its seven-day price levels, as the Bitcoin price trading down almost 1.5% at the time of press.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.