Bitcoin

Bitcoin’s (<a href="https://finbold.com/cryptocurrency/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>) downward price movement appears to have come to a halt as the leading <a href="https://finbold.com/guides/cryptocurrency/" rel="noopener noreferrer nofollow">cryptocurrency</a> aims to establish a solid foundation above the $27,000 position. This comes just days after failing to sustain gains above the $30,000 mark.Despite the downturn, pseudonymous crypto analyst El_crypto_prof in a <a href="https://twitter.com/el_crypto_prof/status/1650078947348996099" rel="noopener noreferrer nofollow">tweet</a> on April 23 suggested that the losses might be short-lived. According to the analyst, historical data points to a potential <a href="https://finbold.com/guide/bull-market-definition/" rel="noopener noreferrer nofollow">bull run</a> for Bitcoin, following what he termed as the end of smart money accumulation, which was signaled by the Quantitative Qualitative Estimation (QQE) surpassing zero.<blockquote>“Smart money is done accumulating BTC. I told you a few weeks ago that once QQE &gt;0 &#61; Accumulation ends. We always saw a strong bull run afterward.&lt;…&gt; And bears are happy about a few red candles,” he said.</blockquote><img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/cd5a6ae885c84cf5875560855dd5c225.jpeg" />Bitcoin price analysis chart. Source: TradingView<h2 id="header-0">What next for Bitcoin?</h2>Elsewhere, <a href="https://finbold.com/guide/cryptocurrency-trading/" rel="noopener noreferrer nofollow">crypto trading</a> expert and analyst Michaël van de Poppe, in a <a href="https://twitter.com/CryptoMichNL/status/1650032915131121664" rel="noopener noreferrer nofollow">tweet</a> on April 23, also pointed out Bitcoin is still facing crucial <a href="https://finbold.com/guide/support-and-resistance/" rel="noopener noreferrer nofollow">resistance</a> at $27,800.In this line, he projected that if Bitcoin experiences a lower test, it could lead to bullish divergences.<blockquote>“Bitcoin still facing crucial resistance and rejected at $27,800. One more test lower would generate bullish divergences and opens up opportunities for long plays toward $28,700. Casual Sunday/Monday dump and reverse after. Funding rates are also, finally, resetting,” he said.</blockquote><img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/ca9b1d114fcb46719a034457ce6da7bf.png" />Bitcoin price analysis chart. Source: TradingViewMeanwhile, as previously reported by Finbold, Bloomberg’s senior commodity strategist Mike McGlone <a href="https://finbold.com/expert-predicts-major-pullback-for-bitcoin-and-ethereum-as-us-recession-looms/" rel="noopener noreferrer nofollow">predicted</a> that Bitcoin would likely experience a short-term pullback after plunging below $30,000. However, he remains bullish for the long-term outlook.Bitcoin’s latest correction occurred shortly after the asset surpassed the $30,000 mark for the first time in about 10 months. This surge was attributed to Bitcoin taking advantage of the United States <a href="https://finbold.com/guides/banking/" rel="noopener noreferrer nofollow">banking</a> sector crisis and the optimism surrounding the Federal Reserve’s stance on inflation.The correction has seen Bitcoin lead the broader market in short-term losses partially in reaction to the high United Kingdom inflation data. This development has sparked concerns about higher-for-longer interest rates, which has contributed to the sell-off in Bitcoin and other risky assets.<h2 id="header-1">Bitcoin price analysis</h2>As of press time, Bitcoin was trading at $27,666, reflecting a gain of roughly 1.4% in the last 24 hours. However, over the past seven days, Bitcoin has suffered losses of about 9%.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/aa93b1b478494add8cd5fd5ee4ac453f.png" />Bitcoin seven-day price chart. Source: FinboldMeanwhile, Bitcoin <a href="https://finbold.com/guide/technical-analysis/" rel="noopener noreferrer nofollow">technical analysis</a> from TradingView suggests a neutral stance. The one-day gauges summarize as ‘neutral’ at 8, with <a href="https://finbold.com/guide/moving-average/#:~:text&#61;Moving%20average%20definition,instrument%20over%20a%20specified%20period." rel="noopener noreferrer nofollow">moving averages</a> at 1. <a href="https://finbold.com/guide/stochastic-oscillator-definition/" rel="noopener noreferrer nofollow">Oscillators</a>, on the other hand, suggest a ‘sell’ sentiment at 3.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/5c85461713eb492bb7b43785bde66f85.png" />Bitcoin technical analysis. Source: TradingViewAs things stand, Bitcoin investors will be looking at renewed bull activity to help the maiden crypto avoid further correction.Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.Read more cryptocurrency news on <a href="https://finbold.com/category/cryptocurrency-news/?utm_source&#61;CMC&amp;utm_medium&#61;social&amp;utm_campaign&#61;CMC&amp;utm_content&#61;long" rel="noopener noreferrer nofollow">Finbold.com</a>.

Bitcoin gears for a ‘strong bull run’ as smart money accumulation ends

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