Bitcoin Price Analysis & Prediction (April 4th) – BTC Looks Poise For A Big Rally Amid Accumulation Phase

2023-4-5 09:10

BTC dominance rises to 45.9% following a roughly $50 billion increase in the global market volume. It found a solid level above $27k this week and has shown signs of strength.

A quick recap from last month saw Bitcoin through a massive recovery from $19.6k to a local peak of $29,184 after witnessing a deep correction of the early-year rally. Following a rejection, the price slipped and continued to trend sideways.

This sideways movement has created a lot of suspense over the past weeks, and Bitcoin’s next major direction looks indecisive. However, this week’s bounce above the $27k level has hinted that the bulls are holding strong. 

But as the primary cryptocurrency experienced a series of rejections in the past weeks, the previous monthly resistance might pose another threat to the bulls. Nevertheless, it keeps marking a new high every week. 

It held the May 2022 low level as support in the past month and further reclaimed the $28k level yesterday, with a potential increase towards the crucial $28.8k level. A sudden surge at that level could fuel a big rally for this month.

With a lot of FUD surrounding the crypto market lately, Bitcoin’s price is likely to remain under $30k until it surpasses the $32.4k level – marked as resistance last May. For now, the price is still trapped in a sideways movement.

Bitcoin’s Key Levels To Watch Source: Tradingview

As Bitcoin accumulates for the next leg up, the closest resistance level for confirmation is $28,886, followed by last month’s peak level. The major resistance level to watch next is $29,912, $31,765 and $32,400.

If the past weeks of accumulation turn out to be a distribution phase, BTC would need to first drop off this week’s lows of $28,000 and $27,200 before rolling over to last month’s low of $26,600. It will retest $25,255 as support if the price breaks lower.

Key Resistance Levels: $28,886, $29,912, $32,400

Key Support Levels: $27,200, $26,600, $25,255

Spot Price: $28,600 Trend: Neutral – Bullish Volatility: Moderate

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Image Source: thvideo/123RF // Image Effects by Colorcinch

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 96686.99 (-0.37%)
Объем 24H $99.494b
Изменеия 24h: 2.76 %, 7d: 9.63 %
Cегодня L: $94006.77 - H: $98156.69
Капитализация $1912.998b Rank 1
Цена в час новости $ 28546.23 (238.7%)

btc bitcoin week 27k above found solid

btc bitcoin → Результатов: 126


Japan’s Metaplanet’s Bitcoin Holdings Rise to 530 BTC After Pulling Off Mind-Blowing Strategy

According to the latest announcement from Japanese investment firm Metaplanet Inc., its Bitcoin holdings have surged, rising to 530.717 BTC as of October 3. As revealed by the Tokyo-listed company, this increase in its Bitcoin bags was possible due to a smart options trading strategy, which led to the company earning more BTC and adding […]

2024-10-4 21:00


Фото:

Bitcoin STHs Supply Decreases By 1.31M BTC – A Sign Of Growing Confidence?

Bitcoin has remained above $60,000 for the past two weeks, holding strong as the broader crypto market bulges. This steady performance is fueling optimism among traders and investors alike.  According to key data from CryptoQuant, short-term holders are now selling for profit, leading to a notable decrease in BTC supply. This reduction in available BTC […]

2024-9-30 19:00


Bitcoin wallets dormant for 15 years move BTC after touching highs above $64,000

Satoshi era bitcoin wallets dormant since 2009, have moved 250 BTC to new wallet addresses The five wallets transferred BTC in batches of 50 coins each Bitcoin price traded around $63,500, having touched highs above $64,000 across major exchanges Several Bitcoin (BTC) miner wallets dormant for over 15 years have moved 250 BTC worth over […] The post Bitcoin wallets dormant for 15 years move BTC after touching highs above $64,000 appeared first on CoinJournal.

2024-9-21 12:46


Bitcoin Preparing for a Bullish Phase – New Cryptos to Hold During BTC Expansion

Despite the current bearish market sentiment, many seasoned analysts believe that Bitcoin (BTC) could soon break the $60k psychological barrier and lead the wider market into a bullish phase. The reason for this was explained in a recent post by Bitcoinsensus, suggesting that BTC whales are trying to position themselves for the next bull run.

2024-9-5 17:30