Bitcoin (BTC) is consolidating (already) in the $ 60,000- $ 63,000 zone. BTC is close to $ 60,000 today, April 17, 2021. Bears have cooled the markets.
Another test of the 60,000 $
Bitcoin climbed to $ 62,367 today. The bulls encountered a resistance line at the $ 62,360 level.
The BTC then dropped to $ 60,087 before rebounding slightly. It is trading at $ 60,486 at the time of writing.
Bitcoin is currently recording a daily loss of 1.91%, a daily decrease of $ 1,180.
The $ 60,000 shakes a 2nd time after the BTC began to correct after rising above $ 64,700.
Bitcoin fell for the first time to levels close to $ 60,000 following the announcement of the turkish central bank to ban crypto payments. The BTC risks ending the week in the red if he loses the $ 60,000.
Hot today, cold the next day
The daily RSI (14) is currently in a neutral zone with a value of 54, although the bulls manage to maintain Bitcoin above $ 60,000.
The BTC is trading below its 5 and 10 day moving averages of $ 62,235 and $ 60,715 respectively.
The steps BTC cooled quickly, as hitting a new ATH above $ 64,700 raised the temperature, especially in derivatives markets BTC.
Plan B moreover bases its forecasts of a Bitcoin to $ 92,000 by the end of April 2021, referring to the monthly RSI which has not yet exceeded 95 as in 2017. The monthly RSI (14) currently stands at 91.
PlanB’s forecast is a risky bet for the moment. While the bulls accustomed bitcoiners to further parabolic rises after breaking through each token level during Q1 2021, this scenario was no longer treated after BTC surpassed its old ATH at $ 61,800. Going over $ 65,000 no longer necessarily means a race to $ 70,000. On-chain data has shown for several days an accumulation of BTC by investors. This encouraging indicator does not currently reflect the reality of the markets, with bears appearing to be on the verge of regaining control of the markets in the short term.
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The comments and opinions expressed in this article are those of the author alone, and should not be considered as investment advice. Do your own research before making any investment decisions.