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Buyers Defend Current Support as BTC Hovers Above $40K

BTC Price Trades Marginally as BTC Hovers Above $40K– April 16, 2022

On April 11, BTC/USD declines to $39,223 as BTC hovers above $40K. For the previous week, Bitcoin has been fluctuating between $39,000 and $41,500 worth ranges. BTC worth has been buying and selling marginally due to the presence of small physique candlesticks. These candlesticks point out that patrons and sellers are undecided concerning the path of the market.

Resistance Levels: $70,000, $75,000, $80,000
Support Levels: $50,000, $45,000, $40,000k

    Bitcoin Price Prediction for Today April 16: Buyers Defend Current Support as BTC Hovers Above $40K
BTC/USD – Daily Chart

Since April 14, BTC’s worth has been buying and selling marginally as worth consolidates above the $40,000 psychological worth degree. The largest cryptocurrency worth motion has been sluggish due to the presence of Doji candlesticks. The worth motion has been static. Buyers have been defending the $40,000 worth degree for the previous week. On the upside, patrons are possible to face rejection on the $42,600 excessive as Bitcoin rises to the earlier highs. BTC/USD is able to rising to the following resistance at $45,400 if the bulls clear resistance at $42,600. Bitcoin will proceed its range-bound transfer above the present assist if patrons fail to break the latest excessive. On the draw back, Bitcoin will decline to $37,000 if the bears break the present assist.

Microstrategy’s Letter to Investors on More BTC Purchase

Michael Saylor is the CEO of Microstrategy. The CEO has about 68.1% possession of the corporate. He has publicly introduced to the shareholders of the corporate’s intention to “vigorously pursue” its reserve property technique to purchase and maintain extra Bitcoin. In different phrases, MicroStrategy is not going to take a break from shopping for and holding Bitcoin in accordance to the letter to traders from the corporate. According to a report, Saylor’s publicly traded firm is the most important single-wallet holder of Bitcoin (BTC) on this planet with 129,218 BTC. The present holding is valued at about $5.1 billion. In Saylor’s letter to shareholders, he acknowledged that it was troublesome for the corporate’s executives to acquire legal responsibility insurance coverage. Because of that, Saylor has offered the insurance coverage out of his pocket.

   Bitcoin Price Prediction for Today April 16: Buyers Defend Current Support as BTC Hovers Above $40K
BTC/USD – 4 Hour Chart

Meanwhile, Bitcoin is buying and selling at $40,481 as BTC hovers above $40K .Bitcoin worth motion has been stagnant. The upward transfer has been hindered on the excessive of $41,500. The present consolidation above $40,000 will lead to a doable breakout or breakdown. However, the path of BTC worth is unknown due to the presence of Doji Candlesticks.

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