Month: April 2021

Bitcoin(BTC) witnessed a sharp dump to $50,900 on April 18, leaving investors guessing whether to buy the dips or close their positions in anticipation of further decline. Traders should keep a close watch on the strength in the recovery as that will provide an insight about the next possible move. From the day's highest to lowest point, the price of Bitcoin dropped by almost 15% against the U.S. dollar.

It’s been a day of excitement as BTC has shown significant strength to rise above the stiff overhead resistance at $61,825.84 on April 13, indicating another leg is about to take-off. Thus, the likelihood of the continuation of bull cycle is heavily increasing as the Bulls look almost unstoppable right now.

For the very first time in a Bitcoin (BTC) bull market, not only long-term investors but also short-term speculators who usually add to the daily sell pressure toward the end of a market cycle have become increasingly confident of higher prices as they hold on to their Bitcoin. This only adds to the already existing supply shock. If demand remains strong, this is a recipe for another leg up for the BTC price.

The consolidation in the near term may last more than expected as bears continue to aggressively push back at key overhead resistance levels. Notwithstanding, BTC is giving no hint of a deeper reversal under $60,000, So we may be ready for breakout to 74K.

BTC daily chart, shows several critical support levels being established. Right now, the important area to hold is $56,000. As long as that region maintains support, more upside is likely for the market. This puts new all-time highs and potentially $73,000 on the table.