Source: Cointelegraph Original: "{title}"
Bitcoin (BTC) traders believe that after a classic resistance level blocked the bullish momentum, the BTC price has begun to reverse.
According to data from Cointelegraph Markets Pro and TradingView, BTC/USD started to cool down after reaching a new high of $88,874 in April.
At the beginning of this week, Bitcoin performed strongly, as gold continued to set historical highs, and the market anticipated that Bitcoin could follow gold's trend.
On April 22, while gold continued to reach new highs, the Bitcoin price encountered resistance at the critical 200-day simple moving average (SMA).
Trader Daan Crypto Trades posted a chart on the X platform and commented, "This is an interesting position. The price broke through the daily 200 exponential moving average (blue line) and diagonal resistance. It is currently facing significant resistance at the daily 200 moving average (purple line)."
The 200-day simple moving average typically forms support during Bitcoin bull markets, but it fell below this level in March as the U.S. trade war began, and cryptocurrencies faced selling pressure.
Since then, BTC/USD has dropped to a 5-month low below $75,000. Despite a strong rebound, some market participants still tend to believe that this round of upward momentum is nearing its end.
Trader Roman is one of them, noting that the stochastic relative strength index (RSI) has entered the "overbought" territory.
"As we approach the horizontal resistance level, I want to point out that during the past four instances when the stochastic RSI was overbought, we experienced a 10%-15% pullback," he stated. He added that considering the downward momentum of the S&P 500 index, such a pullback is "very reasonable."
On April 22, the daily stochastic RSI was at the top of the 0-100 range.
As Cointelegraph has continuously reported, other bullish market comments mainly focus on macroeconomic factors that traditionally drive BTC prices higher.
These factors include the rapid weakening of the dollar, the global M2 money supply reaching historical highs, and a lagging response to gold's breakout.
Trader Cas Abbe summarized in a discussion on the X platform, "Over the past few weeks, I have observed various on-chain data and global events, which lead me to believe that Bitcoin's reversal has begun."
Abbe dismissed the notion that the current BTC rebound would ultimately become a "bull trap," pointing out that in addition to macroeconomic factors, there are also supports such as whale accumulation and the re-emergence of Coinbase premiums.
He added, "I believe the $74,000-$75,000 range is the bottom for BTC. Most altcoins have also bottomed out, and we may see a sustained rebound."
Related: De-dollarization accelerates: Gold soars, Bitcoin (BTC) rebounds, and the Chinese central bank increases allocation to safe-haven assets.
This article does not constitute investment advice or recommendations. All investment and trading activities carry risks, and readers should conduct their own research before making decisions.
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