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BTC bulls are focused on sustaining the uptrend after defending the $50,000 level in the prior week as the technical weakness could not derail the upside sentiment of long-term hodlers.
The BTC/USD is holding within the tight range above cracked $55,000 zone in early Monday’s trading as bears take a breather after failure to register weekly close below this support. Initial signs of bear-trap formation and early bias indicate BTC bulls remain resolute beyond $55k amid weakness which supports the idea of limited correction. Sustained trading towards mid $57,000 will signal extension of rebound from $50,305 (Mar. 25 lows). On the day, BTC/USD is hovering around $57,250 after establishing mild support beneath price.
Bitcoin Needs More Heavyweight Investors To Reach $80K April Strike Price
April has historically been the most bullish month for Bitcoin with an average of 51% gains over the last 10 years. This means the Bitcoin price could reach $80k if it follows the average gains made each year. Bitcoin options open interest also indicates that a vast number of investors are betting on a strike price of $80k on call options in April. Bitcoin needs more heavy-weight investors to reach the targetted $80k April strike price. Skybridge Capital CEO, Anthony Scaramucci believes to move the BTC market up, investments such as Tesla $1.5 billion Bitcoin buy-in and Elon Musk’s nearly $5 billion in Bitcoins through Tesla, SpaceX is not enough. Therefore, Bitcoin needs more heavy-weight investors than Tesla or MicroStrategy.
BTC Daily Chart: Ranging
The daily technicals are returning to a full bullish setup after breaking past the $57,000 marks, with the potential upticks to stall at a strong resistance zone between $58,000-$60,000. As for the near future, the BTC/USD is likely to continue to edge higher. Buyers could target a resistance level formed by the horizontal resistance line at the $58,367 level within this session.
The momentum indicators are currently favoring the bulls as the RSI keeps pointing past 50 midlines after failing to plunge beneath 40. The moving average (MA 50) is in line with this narrative too, strengthening its positive momentum at the upside region. On the downside, a firm break of $50,000 pivot will signal extension of the pullback from (2021 high) and expose key supports at $47,000.
BTC 4-Hour Chart: Ranging
BTC/USD has had another intense trading period, trading in a huge price range. Once the $55,000 to $58,000 price range is decisively broken, the next big directional change is likely to take place. If sustained range breakout occurs, a one-way directional change is imminent. The short-term risk for Bitcoin is tilted to the upside, only a close below the MA 50 could execute fresh selling orders.
That said, the above signals could prove false if the BTC/USD manages to return beneath the 4-hour moving average (MA 50) and close back beneath the trendline support seen around $53,000 and $55,000 respectively. Higher, the bulls may need to climb above the cloud at $58,367 to access the key zone of $60,000 level.
Resistance Levels: $62,000, $60,000, $58,000
Support Levels: $55,000. $53,000, $50,000
Image Credit: Tradingview
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