Bitcoin was trading just under the $40,000 threshold where it started the weekend

Bitcoin price ended the week perched roughly where it spent much of the past few days, a little above $40,000, and with few signs of a rally. At the time of writing, BTC is changing hands at $39,817.

bitcoin-was-trading-just-under-the-40000-threshold-where-it-started-the-weekend

BTC/USD 4-hour chart | Source: TradingView

Bitcoin price and other major cryptos were flat for the holiday weekend

The largest cryptocurrency by market capitalization was recently trading at about $39,928, a little down from 24 hours earlier and about the same as it started the Good Friday holiday weekend. Ether, the second-largest crypto by market cap, was trading at about $3,026, a level from which it has barely budged since last Monday. Other significant cryptos were mainly in the red, albeit slightly, although SOL was one of the few exceptions rising about 1%.

“Bitcoin and Ethereum have each dropped 7% in the past week as we continue monitoring for upcoming bounce signs. A few capitulation signs are forming, such as traders selling at a loss. Whale behavior will play a pivotal role this upcoming week”, Santiment stated.

bitcoin-was-trading-just-under-the-40000-threshold-where-it-started-the-weekend

Source: Santiment

Things still don’t look particularly bullish for Bitcoin, and we continue to look for a reaction of around $37,000. BTC will need to consolidate about $42,000 in the coming week for any upward move – an unlikely scenario without major news or catalysts.

Cryptoquant’s data suggests that institutional interest continues to be strong for crypto, but hedge funds, family offices, and high-net-worth individuals haven’t listed corporations.

Bitcoin’s lack of growth momentum sends the altcoin market into the doldrums. Most large-cap cryptocurrencies fluctuate up and down in the range of 1%. The total market capitalization currently stands at $1.846 billion, a slight drop of 1.95%.

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