After a strong fall at the beginning of this week, Bitcoin is trying to resume the offensive. However, the coin lacks sufficient support from the bulls, and most likely, trading in a narrow range will continue in the coming days.
On Wednesday, April 13, during the European session, the BTC rate strengthened to $40,176.
Altcoins also returned to the green zone, however, their position is very precarious, and at any moment the negative trend may again become dominant. Ether (ETH) and Binance Coin (BNB) rebounded about 2% to $3,055 and $418.9, respectively.
XRP, Solana (SOL) and Cardano (ADA) added about 1.5% in value and rose to $0.714, $104.08 and $0.958. The capitalization of the crypto market has increased today to $1.872 trillion.
Analysts at Bloomberg believe that in the current cycle, after yesterday’s fall below $40,000 and the subsequent bounce, we have reached the bottom. Now bitcoin will consolidate, and this phase may drag on for a long time.
Given the high share of profitable BTC addresses, it is unlikely that investors will try to quickly push the coin up. Bulls need time to gather their strength. According to IntoTheBlock, 60% of cryptocurrency holders are now profitable on the network.
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