30.11.2021

The bitcoin rate has reached the lower border of the current correction and is ready for a rebound

The price of bitcoin (BTC) on Sunday, April 25, is holding just below the $ 50,000 mark. The coin is trying to contain bearish pressure, but the risks of a new pullback are still high.

In a report by the WhaleMap team, which analyzes the behavior of the “whales“, it is said that bitcoin should have found a bottom around $ 55,000. At this level, large investors acquired about 263,000 BTC.

Accordingly, they had to support the cryptocurrency in order not to go into the red. The fall below $ 50,000 is a very alarming signal for the market, the researchers say.

Trader William Clemente tweeted that we are only now approaching the very bottom that observers have been talking about so much.

Clemente drew attention to the decline in the SOPR indicator. Now this indicator is very close to negative values.

This suggests that we are close to reaching the lower border of the current correction. After that, a rebound will inevitably occur. However, it is difficult to say yet how powerful the new expansion will be.

One of the factors creating conditions for a trend change is a decrease in sales from mining pools. From the beginning of April, miners stopped selling bitcoins and switched to accumulative tactics.

This behavior of the pools will help ease the pressure on the market and change the dynamics of BTC movement.

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