BTC Price Drops Below $40K, Time to Buy Bitcoin or Wait for More Dump ?

thecryptocoinreport.com
3 min readApr 12, 2022

The post BTC Price Drops Below $40K, Time to Buy Bitcoin or Wait for More Dump ? appeared first on Coinpedia — Fintech & Cryptocurreny News Media| Crypto Guide

The cryptocurrency market has started the new week on a negative note, with the majority of altcoins trading in the red.

The market capitalization has dropped to slightly over $1.9 trillion. Bitcoin has dropped below the $40k mark which was a crucial support and resistance.

At this time, the only thing that matters is where the daily candle closes. If buyers can seize the opportunity and hold above the $37,000 level, a breakout might occur, followed by a return to $40,000.

Bitcoin Exchange Flow

Though there has been a mix of Bitcoin entering and exiting exchanges in recent days, Glassnode’s weekly data shows that the king coin has been retreating into wallets on a consistent basis.

🚨

Weekly On-Chain Exchange Flow

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#Bitcoin $BTC

➡

$6.4B in

⬅

$6.6B out

📉

Net flow: -$229.9M#Ethereum $ETH

➡

$3.6B in

⬅

$3.9B out

📉

Net flow: -$261.1M#Tether (ERC20) $USDT

➡

$4.2B in

⬅

$4.3B out

📉

Net flow: -$103.5Mhttps://t.co/dk2HbGwhVw

— glassnode alerts (@glassnodealerts)

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