Bitcoin’s journey took an exciting turn after recovering from the under $ mark. Over the last three weeks, BTC’s price trajectory has been largely bullish as the coin continued to make higher highs. However, the king coin has retraced its tracks back to the $ mark in the last three days.
Bitcoin’s price took a downturn on April , making its way back to the $, mark, with the $, level acting as solid support. BTC’s bounce at a confluence of short-term support levels is expected to initiate a relief rally, leading to short-term gains for the top coin.
At the time of writing, BTC was still trading above the $, area, which acted as support in November before turning to resistance in February . The same level could serve as strong support in the future.
After gaining over % in March, bitcoin faced strong resistance at the $, mark. For almost a week, from March to April , BTC oscillated just under the critical $, resistance level and dipped by nearly % in the following days.
Notably, BTC’s daily RSI lost value, indicating sellers taking over buyers in the spot market. However, the MACD is still bullish as it generated three successive higher momentum bars and was still in positive territory.
Once bitcoin reclaims the yearly open at $,, it has chances of upside. BTC’s price uptick in the near term can propel the price to retest the -day SMA at $,. However, bears will defend this high resistance cautiously.
In case of bullish momentum regaining strength, BTC could rise to the $, psychological level. A massive surge in buying pressure supported by a price rise in the near term can cause BTC to produce a decisive close above the significant $K level.
Data from Santiment highlighted that bitcoin had recovered mildly from its drop below $.K. The data analytics website’s model indicated a bullish divergence between the amount of unique BTC moving on its network vs. current market cap levels.
Furthermore, the most significant spike in whale transactions in April was seen today. There were , BTC moved, valued at above $K.
If whales start accumulating, another positive push in price could be spotted in the short term.
