Analysts say Bitcoin has ‘already capitulated,’ target $41.3K as the most hold level
Traders' struggle to build sustainable bullish momentum persisted across the cryptocurrency market on April 20 after prices slid lower during the afternoon trading session and ApeCoin (APE) appaers to be one of the few tokens that is defying the current market-wide downturn.
Data from Cointelegraph Markets Pro and TradingView shows that an early morning attempt by Bitcoin (BTC) bulls to breakout above $42,000 was soundly rejected by bears, resulting in a pullback to a daily low of $40,825 before the price was bid back above $41,000.
Here’s a look at what several market analysts are saying about the weakness in Bitcoin and what levels traders are looking at as a good spot for opening new positions.
According to on-chain data firm Whalemap, there is a significant amount of volume near the $40,000 price level.
Whalemap said,
Similar to the observation made by Whalemap, Glassnode analysts noted that “a large amount of coin supply has been re-accumulated between $38,000 and $45,000, which is the primary price range of the current market consolidation.”
When the data is broken down between long term holders (LTH) and short term holders (STH), which is determined by a holding threshold of 155 days, only a few of the STHs who bought between $50,000 and $60,000 are still holding, “suggesting most 'top buyers' have likely already capitulated.”
According to Glassnode, a large percentage of the current STH demand “is clustered between $38,000 and $50,000, affirming that investors continue to see value in this price range.”
The fact that 15.2% of the Bitcoin held by LTHs is currently at a loss suggests that a lot of LTHs “were caught off-side” by the most recent market correction according to Glassnode, a result that is typically seen
Read more on cointelegraph.com
