Bitcoin

Momentum

April

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Bitcoin (BTC) has demonstrated a bullish flag pattern which may suggest a potential surge in its value.</li>
 <li>Despite strong support above $60,000, a dip below this mark could still occur before any significant rally.</li>
</ul>
<p>Bitcoin (BTC) has exhibited a bullish flag on its daily chart. This is a technical chart pattern typically associated with a strong upward momentum for the asset. This might be an indication of the commencement of the post-halving bull run.</p>
<h2 id="bitcoin-s-bullish-momentum">Bitcoin’s Bullish Momentum</h2>
<p>On April 26, the daily chart of Bitcoin displayed a bull flag pattern. This was noted by prominent cryptocurrency analyst Mikybull. Mikybull stated that Bitcoin is forming a bull continuation pattern on a daily chart. According to the Wyckoff’s law of cause and effect, the longer the consolidation, the more explosive the markup will be.</p>
<p>Denis Baca, a financial analyst and head of product at Zivoe, claimed that the current chart formation is a strong bullish setup. He suggested that the bull flag on <a href="https://crypto.ro/en/cryptocurrencies/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin’s</a> daily chart historically indicates more upside. After a solid rally, the declining volume indicates a pause before potentially shooting towards $100,000.</p>
<h2 id="potential-hurdles-for-bitcoin">Potential Hurdles for Bitcoin</h2>
<p>However, Andrey Stoychev, the head of prime brokerage at Nexo, expressed that Bitcoin is unlikely to rally higher in the absence of a significant catalyst. After testing $64,000 more than once on the day, Bitcoin does signal the potential for a further climb upward. Despite this, any significant price rises could remain unrealized. Bitcoin may merely reach the upper bands of the established trading range of around $67,000.</p>
<p>According to Coinglass, traders should monitor the $65,000 Bitcoin price level. A move above this level could liquidate over $500 million worth of cumulative leveraged short positions.</p>
<p>While Bitcoin has seemingly formed strong support above the $60,000 mark, Baca suggested that a potential dip below this level could still occur before rallying to new highs. He stated that going into May, Bitcoin could fade to retest the support of the 20-week SMA, which would put Bitcoin at $56,000. Such a move would be healthy before going higher.</p>
<p>Stoychev, however, doesn’t expect Bitcoin to fall below $60,000, unless U.S. interest rates remain high for more than expected. He expressed that unless there is a long period of high interest rates affecting sentiment towards digital assets for the remainder of 2024, it’s unlikely that Bitcoin will retrace that far back.</p>
<p>If Bitcoin price potentially falls below $60,000, it could liquidate over $1.4 billion worth of cumulative leveraged long positions, according to Coinglass.</p>

Analyst: Bitcoin’s Bullish Chart Signals Thriving Market Ahead

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