Tanya Abrosimova
Independent Analyst
- BTC/USD has been under bearish pressure in recent 24 hours.
- The price returned to the area above $5,000
- The short-term growth is limited.
Bitcoin (BTC) managed to recover from the Asian low $4,912 to trade marginally above $5,000. The first digital coin has lost 3.8% of its value in recent 24 hours amid global sell-off on the cryptocurrency markets. However, the fact that the price managed to return above $5,000 may be interpreted as a positive signal, though the market still lacks the upside momentum.
Looking technically, BTC/USD is moving within the short-term upside trend as long as the price stays above $4,850 (38.2% Fibo retracement for the upside move from March 26 low at $3,858). If this barrier is cleared, the sell-off may be extended towards $4,660 (50% Fibo retracement) and $4,550 (DMA200).
On the upside, the immediate recovery is limited by $,5080-$5,110. This resistance area is created by a confluence of 23.6% Fibo retracement for the above said movement and SMA200 (1-hour). A sustainable move higher is needed to mitigate the immediate bearish pressure and create an environment for further growth. The next target is $5,200 with SMA100 (1-hour) located marginally below this handle).
The ultimate short-term resistance lies with $5,350 (strengthened by a double high of April 3 and April 8). Once it is cleared, the upside momentum will gain traction with the next aim at $5,500.
BTC/USD, 1H chart
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Dogecoin Price Forecast: Bulls deploy $355M in DOGE longs amid Gensler exit confirmation
Dogecoin price crossed $0.40 on Friday, after a weeklong consolidation that saw DOGE tumble 13% from last week’s peak. Derivative market reports link the DOGE rally to Gary Gensler’s imminent exit.
Crypto Today: XRP gains 10%, Cardano, XRP, and DOGE price rallies, delay Bitcoin’s $100K breakout
The global cryptocurrency sector pulled $230 million capital inflows on Friday, as markets reacted positively to news of SEC Chair Gary Gensler’s imminent exit.
Cardano Price Forecast: ADA could rally by another 30% as on-chain data signals bullish sentiment
Cardano (ADA) surged 24% to $0.98 on Friday following rising weekly active addresses, increased open interest and spot buying pressure.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: Rally expected to continue as BTC nears $100K
Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.