As April approaches, traders look closely if Bitcoin can maintain its current momentum or face another cycle of volatility. The main crypto is negotiated at $ 87,208, noting an increase of 10% in the past two weeks.
With a wider recovery in the current market, BTC demand could be strengthened in April, and its price could recover regularly and can test the range from $ 90,000 to $ 95,000.
Bitcoin’s Market Bottom? The analyst says that current levels signal a rebound
Bitcoin (BTC) launched March with a strong bullish dynamic, going to a summit of $ 96,484 on March 2. However, while the feeling of the market has taken on a lower turn, the profit taking intensified, causing the main part at a four -month level of $ 76,642 on March 11.
Since then, Bitcoin has organized a recovery powered by a wider market rebound and renewed demand. The part is now negotiated in an ascending parallel channel, a model which signals a gradual increase in the price of BTC while the purchase of Momentum intensifies.
In an exclusive interview with Beincrypto, Julio Moreno, research manager at Cryptochant, confirmed this upward perspective.
“There could be a rebound for the price of bitcoin in April, because the pressure of merchants facilitates,” said Moreno.
Moreno evaluated the BTC’s profit / loss margin and found that it had decreased regularly since the start of the year. When this metric falls, the overall profitability of BTC parts spent in chain is decreasing.
This means that investors make fewer benefits or even take losses, which reduces their incentive to sell. Over time, this trend would gradually facilitate sales pressure on the BTC market and increase its price in the coming weeks.
“As the Bitcoin price has experienced a 23% draw since its previous one, traders will now be loss if they sell. This situation generally indicates less sales pressure for Bitcoin.
The sales pressure could climb as the feeling is getting worse
In particular, while the market tries to recover, the lowering feeling remains important among the traders.
“The overall feeling of the market remains lower, as we can see in the cryptocurrency bull score. The index affected 20 days a few days ago – the lowest since January 2023 – indicating the low market conditions.
He also added that Historically, Bitcoin only experienced sustained prices rallies when the bull score is greater than 60, while the readings constantly less than 40 have been associated with lowering markets.
The readings of the Crypto Fear and Greed index reflect this perspective. At the time of the press, the index is 40 years old, suggesting that the market is currently in fear.
When merchants are afraid, this leads to an increase in sales pressure, a drop in BTC trading volumes and a drop in prices.
Will Bitcoin stay above $ 87,000 or will he fall at $ 77,000?
BTC is traded at $ 87,208 at the time of the press, climbing 2% last week. On the graph of one BTC / USD day, the relative force index of the room (RSI) rests slightly at the top of the neutral line at 51.48, indicating the progressive resurgence of the new ROI currency request.
The RSI indicator measures excessive market conditions and occurs as an asset. It varies between 0 and 100. The values greater than 70 suggest that the asset is overflowed and due for a drop in prices, while the values less than 30 indicate that the assets are occurring and can attend a rebound.
At 51.48 and in a slight upward trend, the RSI of BTC suggests an increasing upper momentum on the market. If demand is strengthened, it could propel the price of the part at $ 89,434. A successful violation of this resistance could trigger a rally around $ 93,478.
However, if sales overlap, the BTC price could drop to $ 77,114.
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