Bitcoin

April

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Bitcoin’s (BTC) price surpasses the important $65,000 mark, hinting at a potential bullish trend.</li>
 <li>Bitcoin’s MVRV Z-score indicates the cryptocurrency is no longer overbought and suggests a healthy upward trend.</li>
</ul>
<p>Bitcoin’s price has broken through the significant $65,000 resistance level. This occurred just two days after the Bitcoin halving event, indicating a potential shift towards a bullish market trend.</p>
<p>On April 22, Bitcoin reclaimed the $65,000 mark. Kristian Haralampiev, structured products lead at Nexo, suggests this could signal a change in market sentiment that might end the current price correction.</p>
<h2 id="market-sentiment-and-predictions">Market Sentiment and Predictions</h2>
<p>Haralampiev noted that traditional finance markets opened calm amid Middle East tensions. Risk-on assets increased, while gold opened lower. Higher levels of leverage and positioning in the options markets, along with an increase in open interest across derivatives, suggest a catch-up rally could be in progress.</p>
<p>Crypto analyst Trader Alan suggested that Bitcoin reclaiming the $65,600 mark on the four-hour chart could signal a bullish turn for BTC price. He noted that this breakout is associated with a “higher lows into the resistance” pattern and RSI breakout simultaneously, indicating a strong buying power and a strong LTF bottom formation.</p>
<h2 id="bitcoin-s-mvrv-z-metric-resets">Bitcoin’s MVRV-Z Metric Resets</h2>
<p>Following the past week’s correction, Bitcoin’s MVRV Z-score, a technical indicator used to assess whether an asset is overbought or oversold, saw a healthy correction. It fell to 2.08 on April 17, suggesting that Bitcoin is no longer overbought.</p>
<p>Philip Swift, the founder of LookIntoBitcoin, noted that the indicator suggests a healthy upward trend, in line with previous bull cycles. He stated that the cooling off over the past month has been very healthy and similar to previous cycles.</p>
<p>Despite this week’s positive price action, it’s too early to confirm the end of the current correction due to the decreased market depth, which could result in more price volatility.</p>
<p>Jag Kooner, the head of derivatives at Bitfinex, noted that while we broke out of our lower timeframe range, it is important to remember that after a mass liquidation event amounting to over $2 billion in liquidations in 2 days starting April 12th, the market depth is considerably lower than a few weeks ago.</p>
<p>Kooner is optimistic about Bitcoin’s price action in the short term, but warned of another potential liquidation as more leverage starts re-entering the markets.</p>
<p>To confirm a decisive move towards new highs, Bitcoin first needs to overcome the $69,000 mark. Haralampiev stated that key levels to confirm the bullish sentiment and price movement are in the $69,000 – $70,000 bracket.</p>
<p>Bitcoin is facing significant resistance at the $67,000 mark. A potential move above the $69,000 mark would liquidate over $1.12 billion worth of short-leveraged positions.</p>

Surging past $66K, Is Bitcoin Showcasing Bullish Signs Once More?

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