2024

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 <p class="paragraph">Bitcoin (BTC) has once again surpassed the $70,000 mark, rebounding from volatility triggered by higher-than-expected inflation data in the United States.&nbsp;</p>
 <p class="paragraph">Despite trading above this psychological threshold, the maiden cryptocurrency has predominantly consolidated below its previous all-time high, leaving the market on edge regarding its next direction.</p>
 <p class="paragraph">In examining the potential price movements, crypto trading expert <em>Alan Santana</em> pointed out that recent movements show that Bitcoin is in a stalemate as it struggles to break through resistance, with a strong bearish signal potentially on the horizon.&nbsp;</p>
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 <p class="paragraph">In a <em>TradingView</em> post on April 11, the strategist’s <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> was based on Bitcoin’s daily session, indicating a neutral candle with no significant movement in either direction. Despite some volatility, the analyst noted that the overall pattern remains consistent with the <a rel="noopener noreferrer nofollow" title="signal" href="https://thebittimes.com/tag/signal.html">signal</a> from April 9, indicating a continued standoff between bulls and bears.</p>
 <p class="paragraph">One notable observation from <em>Santana’s </em>is Bitcoin’s current price, hovering around $70,000. While this may seem like a robust figure, the trading expert suggested that it sits below the cryptocurrency’s all-time high in close proximity, a factor that suggests that Bitcoin is actively testing <a rel="noopener noreferrer nofollow" title="resistance" href="https://thebittimes.com/tag/resistance.html">resistance</a> levels.&nbsp;</p>
 <figure class="wp-block-image aligncenter size-large"><img decoding="async" width="1024" height="564" src="https://cdn.thebittimes.com/images/2024/04/11/ae0a469841a838d6f26905153afa5f67.webp" alt class="wp-image-168057" srcset="https://cdn.thebittimes.com/images/2024/04/11/ae0a469841a838d6f26905153afa5f67.webp 1024w, https://cdn.thebittimes.com/images/2024/04/11/ae0a469841a838d6f26905153afa5f67.webp 300w, https://cdn.thebittimes.com/images/2024/04/11/ae0a469841a838d6f26905153afa5f67.webp 768w, https://cdn.thebittimes.com/images/2024/04/11/ae0a469841a838d6f26905153afa5f67.webp 1112w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption"><em>Bitcoin price analysis chart. Source: TradingView</em>
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 <p class="paragraph">However,<em> Santana</em> noted that challenging resistance can weaken it over time. Should Bitcoin fail to surpass the $70,000 mark and instead dip, it could signal a strongly bearish trend.&nbsp;</p>
 <p class="paragraph">“The interesting and revealing part is that $70,000 is less than ten percent away from the all-time high. This tells us that Bitcoin is actually challenging resistance at this point. The more resistance level is challenged, the weaker it becomes. Say prices move below $70,000 to hit $68,000 or $65,000; strongly bearish but again, as it moves above 70K we need to consider the other scenarios and adapt just as the market does,” the analyst said.&nbsp;</p>
 <h2 class="wp-block-heading" id="h-bitcoin-suffers-volatility-ahead-of-halving-nbsp">Bitcoin suffers volatility ahead of halving&nbsp;</h2>
 <p class="paragraph">Elsewhere, following the release of inflation data, Bitcoin experienced a drop to approximately $68,000. However, the prevailing sentiment in the market remains optimistic, buoyed by underlying bullish factors such as the upcoming halving event.</p>
 <p class="paragraph">Additionally, the potential approval of a spot Bitcoin exchange-traded fund (ETF) in Hong Kong is seen as a significant development that could influence the asset’s short-term trajectory.</p>
 <p class="paragraph">Moreover, some analysts interpret the current Bitcoin price as indicative of a potential breakout, with the $100,000 milestone representing the primary target for the next all-time high.</p>
 <h2 class="wp-block-heading" id="h-bitcoin-price-analysis">Bitcoin price analysis</h2>
 <p class="paragraph">By press time, Bitcoin price today was trading at $70,977, reflecting a notable rally of over 3% in the past 24 hours. On the weekly chart, BTC has seen a rise of nearly 7%.</p>
 <figure class="wp-block-image aligncenter size-full"><img decoding="async" width="675" height="550" src="https://cdn.thebittimes.com/images/2024/04/11/105e55a500cb64f66a17759fff127a9c.webp" alt class="wp-image-168056" srcset="https://cdn.thebittimes.com/images/2024/04/11/105e55a500cb64f66a17759fff127a9c.webp 675w, https://cdn.thebittimes.com/images/2024/04/11/105e55a500cb64f66a17759fff127a9c.webp 300w" sizes="(max-width: 675px) 100vw, 675px">
  <figcaption class="wp-element-caption"><em>Bitcoin seven-day price chart. Source: Finbold</em>
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 <p class="paragraph">In the meantime, investors are closely monitoring Bitcoin’s movement, particularly its ability to surpass the $71,000 level. Sustaining the price above this threshold could signal bullish momentum in the market.</p>
 <p class="paragraph">&lt;<a rel="noopener noreferrer nofollow" title="strong" href="https://thebittimes.com/tag/strong.html">strong</a>&gt;<em>Disclaimer</em>strong&gt;<em>: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-resistance-on-trial-btc-in-stalemate-as-strong-bearish-signal-looms-tbt85078.html">https://thebittimes.com/bitcoin-resistance-on-trial-btc-in-stalemate-as-strong-bearish-signal-looms-tbt85078.html</a></p>

Bitcoin resistance on trial: BTC in stalemate as strong bearish signal looms

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