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Pullback Is Expected as Short-term Indicators Are Overbought
Cryptocurrency
Summary:
he appeal of Bitcoin as a hedge against volatility in traditional markets is increasing.
Sell
CLOSEDBTC-USDT
End Time
88678.4
Entry Price
84705.0
TP
91000.0
SL
102657.1 +1893.7 +1.88%
23216
Points
Loss
84705.0
TP
91027.9
CLOSING
88678.4
Entry Price
91000.0
SL
Fundamentals
Following President Trump's renewed calls for immediate Federal Reserve rate cuts, investors sought alternatives to the U.S. dollar, leading to an increase in Bitcoin's price. Trump's statements have demonstrably impacted Bitcoin's price dynamics.
Recent weak U.S. economic data has also amplified concerns about a potential economic slowdown, bolstering Bitcoin's appeal as a hedge against volatility in traditional markets.
The rise in Bitcoin's price underscores its sensitivity to macroeconomic indicators and political rhetoric. Market sentiment is also improving, with relevant indices rising to 47, matching the high of March 27. This signifies a shift from the fear zone to a neutral range, suggesting a promising outlook. Such a transition typically precedes sustained market strength following a correction.
Over the past seven days, the cryptocurrency market has risen by approximately 2%, largely consolidating. The cryptocurrency market capitalization has reached US$2.76 trillion, hitting the upper bound of the April range. Currently, it's noteworthy that the market has found support at the critical US$2.45 trillion level - a resistance level last year that later served as the launchpad for the rally that began in November.
This Tuesday, Bitcoin's price continued its ascent within the consolidation range of the previous week, around US$85,000. Currently, its price is on the verge of breaking through the prior high of US$88,878. However, before breaching this level, market quotes are being resisted by the 200-day SMA. A short-term pullback is expected.
Technical Analysis
Technically, Bitcoin is currently trading within an ascending channel in the 1H timeframe, although the market is exhibiting overbought conditions. Consequently, bears will likely attempt to seize control, potentially driving a downward trend or a retracement to the US$86,410 level, or even lower, towards the US$84,765 range.
In the 1D timeframe, which represents a broader timeframe, Bitcoin's price action remains within an ascending channel. Therefore, bulls are targeting the recent sell-off's origin at US$95,223 or higher, with a long-term target of US$96,464.
Conversely, bears will aim to profit from a pullback towards the US$78,761 range or potentially lower, around US$72,595. However, given the current market sentiment, a significant bearish move appears unlikely. The market seems to be favoring only a minor correction.
Trading Recommendations
Trading Direction: Sell
Entry Price: 89000
Target Price: 84705
Stop Loss: 91000
Valid Until: May 7, 2025 23:55:00
Support: 87603, 86476, 85349
Resistance: 89052, 90018, 91092
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