Bitcoin experienced a strong price explosion after a period of sideways consolidation between April 15 and 20, as the price managed to break through the resistance range and head towards new highs. The positive momentum continues as the market’s interest in cryptocurrencies increases as a hedge against economic slowdowns and inflation.
Market Overview
- General trend: Bullish in the short and medium term.
- Previous resistance levels have been broken and have now become support.
- The price is moving above all major moving averages, with strong momentum evident on the MACD.
Technical Indicator Analysis
- MACD: Positive momentum remains strong, with a bullish crossover continuing.
- Stochastic: Approaching overbought areas (above 75), which may signal temporary profit-taking.
- Moving averages: All are aligned in a bullish order, supporting the continuation of the trend.
Important Technical Levels
Nearby Supports:
- 87946 – First and important support.
- 87810 – Intermediate pivotal support.
- 87630 – Previous intermediate support.
- 87340 – Strong support and a breakout from broken resistance.
Potential resistances:
- 88320 – Initial immediate resistance.
- 88630 – Important technical resistance.
- 88943 – Current high and important psychological test.
Possible scenarios
Bullish scenario:
- Testing 88320 as current resistance.
- Breaking 88630 will open the way for testing 88943.
- Holding above it paves the way for 89300 and possibly 90000 as a psychological target.
Bearish Scenario:
- A decline towards 87630 and then 87340.
- A break of 87340 could push the price towards stronger support at 86500.
- Continued pressure could push the price back towards 85000 as a critical support area.
Trading strategies based on Buy/Sell levels
| BTCUSD | In case of buying | in case of selling |
| Entry point | 88630 | 88230 |
| Target Point 1 (TP1) | First resistance: 88943 | First support: 87946 |
| Target Point 2 (TP2) | Second resistance: 89000 | Second support: 87850 |
| Stop Loss (SL) | 88230 | 88630 |
Bitcoin continues to demonstrate strong upward momentum on the short-term timeframe, supported by clear buying momentum and a breakout of important resistance levels. As long as the price remains above 87,946, the most likely scenario is a positive one, with the possibility of short-term corrections near the psychological resistance of 89,000. We recommend careful monitoring of technical and economic developments, with ongoing updates to these levels.
Influential News and Data:
- Bitcoin is strongly influenced by technical news and US monetary policy.
- This week, markets are awaiting US inflation data (PCE index), which may influence the Federal Reserve’s direction.
- Any signals from ETFs or major moves from investment portfolios could also move the market strongly.
