The green numbers have returned to bitcoin, in a more than evident bullish formation, the crypto asset with the largest capitalization finally surpassed the key resistance of USD 30,000 for the first time since June 2022; however, Opinions are still divided on an imminent price hike continuously to $33,000 or a deep pullback to $25,000 again.
Last week, Simon Peters, a crypto analyst for the eToro platform, highlighted that the cryptocurrency market was boiling, a term he framed in relation to investors having turned bullish on crypto accumulation and their expectations in stop interest rates from rising in the United States and around the world.
Currently, as the bitcoin price has gained momentum as investors digested the macroeconomic scenario and data also following a US banking crisis, at the time of writing, the price of Bitcoin is giving a slight retracement to USD 29,250, an area from which it is observed that the bulls in the first instance will try to maintain it so as not to increase the distance with respect to USD 30,000 that quite a bit of time and price action it took to achieve it.
Regarding market sentiment, a very important indicator to consider, the Bitcoin market on the fear and greed index is at 69%, its own level of greed, as indicated in the explanation of this index.
Source: Alternative.me crypto fear and greed index.
Likewise, in this sense, it should be noted that the fact that it remained at 69% (the same level as last week) despite the drop below $30,000, can be interpreted as correct in Peters’ comments regarding the push and optimism of crypto investors for the cryptocurrency market, especially Bitcoin.
On the other hand, it is also necessary to point out that the expectations and indications towards the bitcoin price in this instance are very varied by different traders and analysts who also make this indicator probably something very subjective in regards to each analysis.
Bitcoin Technical Analysis
For purposes of technical analysis, about the price of bitcoin, we can mention in the first place that so far this year it has registered an increase of 87.89% in price and 8.49% so far in April.
Source: Tradingview BTC 1M
Having said that, on the weekly chart it can be seen that at the time of writing this note, the price is struggling to stay above 29,000 USD, hovering around the price now for USD 29,400, a key support to consider if we look at the last two weeks of May 2022 when in this same area the price struggled to maintain that level.
Source: Tradingview BTC 1W
However, it should be noted that USD 29,000, which was previously quite a strong resistance to overcome in recent weeks with three attempts, now appears as strong support that, of course, will not give in very easily to the downward pressure that the price will try to bring. at levels of 27,500 – 28,800 USD or in the best case for them -and for the trend- at 25,500-26,500 USD close to the MA 200 days (pink).
Source: Tradingview BTC 1W
On the daily chart, You can see a harmonious noise from the moving averages, without a doubt an accommodation of the bullish trend, as we said before that it was forming. Also, note that the price is currently pulling back towards the 20-day MA (orange), a moving average that has held strong with the price since the east broke it again in mid-March, and is currently determining whether to continue. the rise in price to go looking for 33K, the fixed target in this bull run.
Source: Tradingview BTC 1D
In the event that this moving average does not turn out to be as strong during this pullback and leads to its breakout, the levels to consider for price on this chart would be $28,500 or below $27,500 to establish range continuation between the 27K-29K USDa scenario that is also somewhat likely If you look at the 4-hour time frame where the break of the 20 MA occurred in that time frame, but which in turn shows a “healthy” movement to the bottom of a bullish channel, Of course, it will continue its momentum only if it regains a position above the 20 MA.
Source: Tradingview BTC 4H
In view of the fact that the scenario continues to be bullish and the market is interested in the movement of the bitcoin price, the current target is located at USD 33,000 which, as can be seen in the graph, is in the same zone as the 200-week average (green).
Source: Tradingview BTC 1W
Until now, there has already been an attempt to reach that target with a price test at USD 31,000 in the price action; however, we note that it was not enough and the price has receded, so the probable scenario that is currently being handled is to seek liquidity in the aforementioned areas in order to test, perhaps repeatedly, those previous levels and reach that price. if it does not do it before, the same movement of the moving average reduces the target depending on how much the retracement is and more if the formation of a new range occurs.
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