After its third-largest weekly fall in over a year, the Bitcoin price has finally began to rise.
In a tweet on May 4, on-chain data provider Santiment published historical data showing a 20% rally as a result of BTC transactions is negative at the same levels between February 16 and 22.
A prominent crypto trader, The Wolf Of All Streets, predicted a rebound in Bitcoin price as it breaks above the trend line.
According to PlanB, the original $55K S2F model, which was released in March 2019, appears to be tracking the Bitcoin price trend.
The price of Bitcoin has regained over 5% in the previous 24 hours, stabilising near $39,000.
BTC has been trading sideways over the past few days, with the price dropping below $40,000 on April 26.
A daily close below the session’s low, on the other hand, would disprove the bullish price assumption.
BTC/USD is currently trading at $39,874, up 5.63 percent for the day as of publishing time.
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