Bitcoin traders (BTC) see a reversal of BTC prices starting while classic resistance stops the bulls in their traces.
The 200 -day mobile average maintains the BTC pinned price
Cointelegraph Markets Pro and TradingView data show the BTC / USD cooling after reaching new April 88,874 heights.
After finding strength at the start of the week, Bitcoin raised hopes of a golden move when they set several peaks of all time.
These summits continued on April 22, while the action of the BTC prices reversed the rejection to the simple 200 -day mobile average (SMA).
“Interesting spots. Enléed above everyday life 200A (blue) and the diagonal resistance. Until now, has seen a net rejection of the Daily 200MA (Violet),” said Trader Daan Crypto Trades in an article on X alongside an explanatory table.
“The pleasure will not start before we obtain daily fences above the previous range at ~ $ 90,000. Important to hold ~ $ 85,000 below, I would say.”
The 200 -day SMA traditionally constitutes support on the Bitcoin bull markets, but was lost in March while the crypto was faced with pressure from the sale when the American trade war started.
Since then, BTC / USD has seen stockings of five months under $ 75,000, and despite a healthy rebound, some market players are eager to call time in the last episode of Price Upsy.
Among them is his Roman shopping colleague, who referenced the values of the Stochastic Relative Strong Index (RSI) in “Surbouflé” territory.
“While we are approaching the horizontal resistance, I wanted to show that the last 4 times Stoch RSI have been overbut, we saw a correction of 10 to 15%,” he noted, adding that such a movement “would be perfectly logical” given a dynamic down on the S&P 500.
The daily stochastic RSI was at the top of its 0-100 scale on April 22.
Bitcoin “The inversion started”, explains Trader
While Cointelegraph continues to bring it back, other bullish market comments focus on the confluence of macroeconomic factors that traditionally feed the BTC price gains.
In relation: The US dollar is “non -vehicle” – 5 things to know in Bitcoin this week
These include a rapid weakening of the strength of the US dollar, summits of all time in the world money supply of M2 and a delayed reaction to the escape of Gold.
“In the past few weeks, I have looked at different ONCHAIN data and world events, which makes me believe that BTC’s reversal has started,” concluded abbe case in a dedicated x thread on the subject.
Abbe rejected the idea that the current BTC rebound will end up as a “bull trap”, pointing to the accumulation of whales and the re -emerging corner bonus in addition to the macroeconomic factors.
“I think the area from $ 74,000 to $ 75,000 was the bottom for $ BTC. Most alts also made a background and we were able to see a sustained rally,” he added.
This article does not contain investment advice or recommendations. Each investment and negotiation movement involves risks and readers should conduct their own research when they make a decision.
