Bitcoin (BTC): The Rally Isn’t Over

Bitcoin lost 1.1% on Tuesday to end the day around the $47,400 mark. The crypto remained around that zone early on Wednesday.

Coinmarketcap data shows the global cryptocurrency market cap dropped 0.7% within the previous day, hovering at $2.13 trillion. Meanwhile, Bitcoin dominance remained near 42.1%. The crypto Fear & Greed Index lost 1 point on Wednesday to 55 but stayed in the greed region.

Bitcoin slowed down as it approached the massive resistance at $48K. Remember, the 200-day MA also sits at the value area. Bulls seem to take a tactical pause following a 28% surge from the 14 March lows. Nevertheless, the positive developments within the global stock market suggest Bitcoin can test this zone today.

FxPro Analyst Team stated that the crypto space might see a bullish trend returning following a few days of steady move pat the 200-day MA. However, most market players might have doubts about the rally. That is because BTC saw a similar condition in December and failed to go offensive.

The second-largest crypto, ETH, lost 0.5% as most large-cap alts endured price declines. Binance Coin (-0.8%) and XRP (-4.1%) recorded losses. Terra, which touched its new ATH yesterday, remained the only exception.

Musk to Build a Network

CryptoQuant reveals that cryptocurrency whales began sending BTC to exchanges again, something to consider. Typically, market players send tokens back to crypto exchanged for subsequent sales.

CryptoQuant believes Bitcoin will see an active fall in the coming future. Nevertheless, market players might see BTC purchase alts, which seems to grow stronger than Bitcoin within the bullish market.

DataDash executive Nicholas Merten trusts near-term traders and investors with leverage impact Bitcoin volatility, whereas whale influence the crypto’s growth. The CEO stated that cryptocurrency whales purchased $BTC within the previous six months.

Tesla CEO Elon Musk plans to introduce his open-source social platform that supports DOGE crypto. On the other side, the Biden administration proposed stiffer tax reporting regulations for crypto holders.

What are your views about current BTC price reactions? Uptrends supported following a brief fall? You can share your opinions in the reply section below.