Bitcoin Price Consolidates Above Key EMA Levels: What Comes Next for BTC?
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- Bitcoin is testing key resistance levels at the 50 and 200-day EMAs, signaling potential breakout.
- A whale withdrew 1,500 BTC ($128 million) from OKX, impacting liquidity as Bitcoin gained momentum.
Bitcoin, the world’s first and leading cryptocurrency by market cap, has been recording an uptrend after a reclaim from last week’s low of $74K range. Over time, Bitcoin has struggled to invite bulls, with the current trend showing a positive momentum. Tracking the market performance, it is notable that BTC trades at a price value of $85,502, recording an uptick of 1.33% in just 24 hours.
Notably, the market cap now reads at $1.69T, up by a similar percentage recorded in its price value adjustments. However, Bitcoin’s daily trading volume has recorded a dip, down by 1.44%, amounting to $29.36 billion. The current trajectory is under the watch of market analysts eyeing whether the bullish move will continue or a reversal will be invited.
Bitcoin Technical Analysis: Can BTC’s EMA Test Lead to Upside?
According to an observation by Lark Davis, it is notable that Bitcoin has made another attempt at a key trendline level. The price is approaching resistance formed by the 50 and 200-day EMAs (Exponential Moving Averages) with an ongoing consolidation above these EMAs, signaling potential move toward a breakout.
The MACD (Moving Average Convergence Divergence) has shown a shift in direction suggesting increased bullish pressure. The histogram reveals a growing positive momentum, confirming the shift in the market’s dynamics.
Bitcoin’s price action has been moving within a narrow range, with the 50-day EMA acting as immediate support and the 200-day EMA above. A sustained break above the trendline and 200-day EMA could signal further upside potential in the short term.
BTC Whale Transaction and Current Market Performance
The ongoing bullish movement comes at times when the transaction is at a spree. According to Arkham’s report, the whale portfolio that held 1.5K BTC holdings, valued at $128.26 million, released the assets with a price of $85,509 per BTC. This reflects a 1.32% increase in value. Over the past 20 hours from the time of transaction, a whale withdrew 1,500 BTC from OKX, worth approximately $128 million.
A whale withdrew 1,500 $BTC($128M) from #OKX in the past 20 hours.https://t.co/SwGkjL4fKr pic.twitter.com/xWFBxM0v27
— Lookonchain (@lookonchain) April 15, 2025
At the time of press, CoinMarketCap data indicates that Bitcoin’s price is currently $85,502.71, reflecting a 1.33% increase in the past 24 hours. Market capitalization is $1.69 trillion while the fully diluted volume sits at $1.79 trillion.
The price chart shows a steady price rise throughout the day, with minor fluctuations, indicating positive market momentum. The recent movement is noteworthy as Bitcoin tries to establish a clear direction after previous volatility in the market.
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