Bitcoin merchants (BTC) see a BTC price investment that begins as the classic resistance stops dry bulls.
The 200 -day mobile average maintains the BTC price set
Co -Intelegraph Markets Pro and TradingView data show a BTC/USD cooling after reaching new April maximums of $ 88,874.
Having found strength at the beginning of the week, Bitcoin increased the hopes of a gold imitation movement when the latter established multiple historical maximums.
Those maximums continued on April 22, while BTC Price Action saw the rejection in the simple mobile (SMA) 200 -day mobile.
“Interesting place. He broke above the 200a -newspaper (blue) and the diagonal resistance. Until now, he saw a strong rejection of the Daily 200Ma (Purple),” said merchant Daan Crypto Trades in an X post along with an explanatory table.
“The fun will not begin until we obtain some daily closures above the previous range under ~ $ 90k. It is important to maintain ~ $ 85K below, I would say.”
The 200 -day SMA traditionally forms support during the Bitcoin Alcistas markets, but was lost in March when Crypto faced the pressure on the side of the sale when the United States commercial war began.
Since then, BTC/USD has seen minimum of five months below $ 75,000, and despite a healthy rebound, some market participants are eager to call time in the last episode of Price Upside.
Among them is the companion of merchant Roman, who referred to the Stochastic Relative Force Index (RSI) in the territory of “overcompra”.
“As we approached horizontal resistance, I wanted to show that the last 4 times Stoch RSI has been exaggerated, we have seen a 10-15%correction,” he said, adding that such movement “would make a lot of sense” given a descending impulse in the S&P 500.
The daily stochastic RSI was at the top of its 0-100 scale on April 22.
Bitcoin “Reversal has begun,” says Trader
As Cinelegraph continues to inform, other comments on the upward market focus on the confluence of the macroeconomic factors that traditionally feed the BTC prices profits.
Related: The US dollar goes ‘without-off’: 5 things to know in Bitcoin this week
These include quickly weakening in the fortress of the US dollar, the historical maximums in the global M2 money supply and a delayed reaction to the rupture of gold.
“In recent weeks, I am seeing different data of the chain and global events, which makes me believe that BTC’s investment has begun,” said Trader Abbe in a dedicated X thread on the subject.
Abbe rejected the idea that the current BTC rebound will end as a “bull trap”, pointing out the accumulation of whales and the re -emerging coinbase premium in addition to the macroeconomic factors.
“I think the $ 74K- $ 75K zone was the bottom for $ BTC. Most Alt have also touched back and we could see a sustained rally,” he added.
This article does not contain advice or investment recommendations. Each investment and trade movement implies risk, and readers must carry out their own investigation by making a decision.
