Bears control Bitcoin price, but traders say the $40K zone is still good ‘for longs’

 $40,000 remains a hurdle for BTC price, but traders still agree that the current range is a zone for accumulation.

Traders faced another day of red markets on April 14 after the weakness in equities markets continued to put a damper on crypto prices. 

Bitcoin needs to find support above $42,000
Bitcoin's price action on the monthly chart was discussed by markets analyst and pseudonymous Twitter user Rekt Capital, who posted the following chart showing what happened when the $47,000 resistance level was rejected in September 2021.

Similar to the current price action, the move in September also dropped to the blue support line at $41,300 “and also respected a green higher low.”

“Currently, over 69% of the supply is in profit. Historically, when this metric hits the red zone (+95%) BTC is 'overheated' and the potential sell pressure is high.”

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