CryptoCurrency

Bitcoin Repeats April Playbook – Watch This Range for Confirmation

Article Summary

Bitcoin is currently trading just 5% below its all-time high, with strong bullish sentiment. Market watchers are speculating on the possibility of a massive breakout to new highs or a short-term correction. Top analyst Daan has identified a recurring pattern in Bitcoin’s price action since the April rebound. Bitcoin bulls aim to break above the $105,000 resistance level, while a failure to do so may result in short-term corrections.

What This Means for You

  • Stay updated on Bitcoin’s price movements and trending market analysis
  • Understand the implications of Bitcoin’s potential breakout and how it could affect your investments
  • Learn strategies for mitigating risk and managing your investments during volatile market conditions
  • Prepare for potential market moves based on expert insights and analysis

Original Post

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Bitcoin is trading around $103,820, with the potential for a decisive breakout or short-term correction. Bitcoin’s consolidation late April rebound follows a familiar pattern and is considered a healthy pause in a consolidating market. The volume has slightly decreased as the market digests gains from the recent breakout above $100K.

A decisive push above $105K could result in a move into price discovery, targeting the all-time high around $109K. If not, the market may retrace to the $100K support zone, which must hold to maintain bullish structure.

Technical Details: BTC Consolidates After Explosive Rally

Bitcoin remains in a strong uptrend, supported by the 200-day SMA and 200-day EMA, both well below the current price and sloping upward, confirming bullish momentum. The tight range between $103,600 and $104,800 suggests a breakout in either direction may cause significant volatility.

BTC testing range highs | Source: BTCUSDT chart on TradingView
BTC testing range highs | Source: BTCUSDT chart on TradingView

Volume has decreased slightly, indicating a consolidation phase. However, this could be a healthy pause in the market’s digestion of recent gains. Additionally, surpassing the $105K level could lead to price discovery, triggering an increase in buying interest. Failing to do so, however, may result in a short-term correction. Market participants are advised to monitor Bitcoin as it tests key levels, as both bullish and bearish scenarios could impact the trend for the weeks ahead.

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