Tanya Abrosimova
Independent Analyst
- BTC/USD locked in a tight range amid market indecision.
- A strong move above $6,300 is needed for the recovery to gain traction.
Bitcoin (BTC) has spend the recent 24 hours oscillating in a tight range. At the time of writing, BTC/USD is changing hands at $6,220, mostly unchanged both on a day-to-day basis and since the beginning of Sunday. The short-term trend remains bullish amid low volatility.
BTC/USD: Technical picture
BTC/USD has been locked in a tight range since the sell-off on Saturday morning. The first digital coin recovered from the recent low close to critical $6,000, but the upside momentum failed to gain traction. While the longer-term picture is still bullish, there are several factors that prevent Bitcoin from developing a sustainable recovery.
First, a way to the North is blocked by a strong resistance at $6,300. This area slowed down the recovery after the collapse to $3,386 in the middle of March and stopped the bulls on Saturday. Notably, according to the data, provided by Intotheblock, there are over 700,000 Bitcoin addresses that have their break-even point in the area from $6,170 to $6,350. This factor adds strengths to this resistance.
Second, the intraday RSI points downwards, which means that bearish sentiments are still predominant in the short-run.
Finally, a flattened out volatility slows down the market and indicates that traders need some time to decide on the next move. A tight consolidation during the weekend may also mean that we may witness sharp moves on Monday morning, on the opening of the traditional markets in Asia.
BTC/USD 30-min chart
-637210658332507910.png)
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
Coinbase lists WIF perpetual futures contract as it unveils plans for Aevo, Ethena, and Etherfi
Dogwifhat perpetual futures began trading on Coinbase International Exchange and Coinbase Advanced on Thursday. However, the futures contract failed to trigger a rally for the popular meme coin.
Stripe looks to bring back crypto payments as stablecoin market cap hits all-time high
Stripe announced on Thursday that it would add support for USDC stablecoin, as the stablecoin market exploded in March, according to reports by Cryptocompare.
Ethereum cancels rally expectations as Consensys sues SEC over ETH security status
Ethereum (ETH) appears to have returned to its consolidating move on Thursday, canceling rally expectations. This comes after Consensys filed a lawsuit against the Securities & Exchange Commission (SEC) and insider sources informing Reuters of the unlikelihood of a spot ETH ETF approval in May.
FBI cautions against non-KYC Bitcoin and crypto money transmitting services as SEC goes after MetaMask
US Federal Bureau of Investigations (FBI) has issued a caution to Bitcoiners and cryptocurrency market enthusiasts, coming on the same day as when the US Securities and Exchange Commission (SEC) is on the receiving end of a lawsuit, with a new player adding to the list of parties calling for the regulator to restrain its hand.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?