Bitcoin traders (BTC) see the reversal of BTC prices, starting from classic resistance, stops bulls in their works.
The 200-day movable average maintains the backed BTC price
Data from CointeLraph Markets Pro i TradingView It shows BTC/USD cooling after reaching recent April Maks in the amount of USD 88,874.
After finding strength at the beginning of the week, Bitcoin raised hopes for the Gold Movement of the Wimish, when the latter established many ups of all time.
These ups lasted on April 22, while the BTC price operated in the opposite of rejection in a key 200-day straight movable medium (SMA).
“Interesting place. Broken above Daily 200em (blue) and diagonal resistance. Until now, he has recorded a sharp rejection from the Daily 200ma (purple)”, trader Daan Crypto trader trader he said in the post on X next to the explanatory chart.
“The fun will not start until we get daily closures above the previous range at ~ 90,000 $. It is important to accommodate ~ $ 85,000 below.”
The 200-day SMA traditionally creates support on Bitcoin Bull markets, but in March it was lost when cryptography stood before sales pressure after the start of the trade war in the USA.
Since then, BTC/USD has been recorded five -month minima below $ 75,000 and despite a hearty reflection some market participants will gladly take time in the latest episode of Price Upside.
Among them is colleague Trader Roman, who referred to the value of the stochastic relative force indicator (RSI) in the territory of “buying out”.
“When we are approaching the level of resistance, I wanted to show that the last 4-fold RSI was bought, we saw a 10-15%correction,” he excellentAdding that such a movement “would make sense” that gave the rush down to the S&P 500.
Daily stochastic RSI was at the top of its scale 0-100 April 22.
Bitcoin “Reversing up,” says Trader
According to Cointelegraph, other stubborn market comments focus on the intersection of macroeconomic factors that traditionally drive BTC price benefits.
Related: The American dollar goes “without” -5 things that you should know in Bitcoin this week
They include quickly weakening the American dollar, the highest levels in global M2 money supply and a delayed response to gold break.
“Over the past few weeks, I have been looking at various Onchain data and global events, which makes me believe that BTC reversed has begun,” summed up Trader CAS ABBE in Dedicated thread x on the point.
Abbe rejected the idea that the current reflection of BTC would end as a “bull trap”, indicating the accumulation of a whale and a re -bonus of the coin, in addition to macroeconomic factors.
“I think that the $ 74,000 zone $ 75,000 was the lowest for $ BTC. Most Alts also got out and we saw a lasting rally,” he added.
This article does not contain investment advice or recommendations. Each investment and commercial movement involves risk, and readers should conduct their own research when making decisions.
