Bitcoin Confirms Weekly- While the UBS group tries to save Credit Suisse, Bitcoin remains solid and confirms on a weekly basis. At the start of the week, the price remains above $27,000. The king of cryptocurrencies attracts capital, altcoins are still struggling to perform.
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Bitcoin price drops 0.6% in 24 hours
Despite a day rather discreet on the buyers’ sideBitcoin (BTC) continues to move above $27,000 :
Sellers Regained Control Late Afternoon, Bitcoin Falls Nearly 1% since 1 hour. Despite everything, Bitcoin is up by 15% for a weekand it displays a increase of more than 60% for three months. Bitcoin continues to outperform Ethereum, the pair is up 2.5% in 24 hours. The Shanghai update arrives on April 12, this could allow Ethereum to regain strength against the king of cryptocurrencies.
Bitcoin Weekly Close Breaks Weekly Resistance at $24,000
Bitcoin closed above the latest high located at $25,250. A close like this allows the price to break the level of resistance which had been postponing the course since July 2022:
Since January, the institutional bias (EMA 9/EMA 18) has been bullish, and the price is showing momentum with bottoms and rising tops. Also, the course confirms beyond the bearish trendline. The next level of resistance is found at $31,500, a key level for the sequel. Indeed, it is a level that had allowed a rebound in May 2021, it will be necessary to resume this level to find colors on this asset.
The RSI continues to move above the bearish trendline. The dynamic is bullish on this indicator, because the bottoms and the tops are ascending.
Bitcoin price stalls at resistance level at $28,500
Currently, profits are taken by traders at the level of the resistance at $28,500 :
In 4 hours, the trend remains bullish. The troughs and peaks are ascending. At the moment, all institutional bias level returns are bought by traders. To continue, it will be necessary to close above $28,470and get rid of this resistance. If so, the price could return to the level of the next resistance at $30,400. Otherwise, a return to the level of the rack at $26,300 is possible.
The RSI begins to draw a bearish divergence. This shows that the movement is running out of steam, a tidy could be set up.
Bitcoin offers us a very interesting close on a weekly basis, well above the latest high at $25,250. If the buyers push, a return to $31,500 seems possible. In the very short term, the movement seems to be running out of steam, buyers may need to regain strength.
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