While Bitcoin (BTC) has retraced to the area at $41,000 after making a bullish breakout that briefly saw it over the $44,000 price threshold, cryptocurrency traders and investors are wondering whether now would be a good time to purchase some of the flagship decentralized finance (DeFi) asset.
Specifically, in order to bounce from the $39,500 – $40,000 level and race back over $42,000, Bitcoin needs to hold its head above the range between $36,500 and $38,000 on higher timeframes, according to the observations by crypto trading expert fMichaël van de Poppe shared in an X post on December 11.
Bitcoin price action analysis. Source: Michaël van de Poppe
Good buy, not ‘goodbye’
In the meantime, Bitcoin whales are not wasting their time, using the chance to grow their coffers with the largest asset in the cryptocurrency sector by market capitalization during the prevailing ‘buy the dip’ sentiment that has seen an increase in entities holding 1,000 BTC or more, as Ali Martinez ob
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