Bitcoin has once again reached $69,300, thwarting the bears aiming for $60,000. Despite numerous factors triggering the drop, we had previously stated that the trend continues to favor the upside despite intermittent corrections. So, what are the current predictions for BTC? Will cryptocurrencies rise?
Bitcoin (BTC)
BTC, having risen roughly 5% from the daily low, is attempting to turn $69,000 back into support. At the time of writing, the price is at $68,300, but closures above $67,900 are promising for continued upward attempts.
Popular cryptocurrency analyst Daan Crypto Trades wrote the following regarding the recent price movement;
“Indeed, higher levels are being breached, and this inefficiency is being filled quickly. There is also solid spot demand and a Spot premium.”
Skew also appears hopeful that the recent rally is supported by spot markets rather than derivatives.
“Spot CVDs are following the price (spot demand). Spot Premium (spot transactions above perps).”
If the current positive sentiment continues until the daily close, we may see a better environment for Friday and the weekend.
Cryptocurrency Predictions
Data from CoinGlass indicates that a $32 million liquidity wall melted away as $68,620 was surpassed. The previous ATH level of $69,000 for Bitcoin‘s price is a critical threshold, and sustained demand there fuels optimism. Popular cryptocurrency analyst Josh Rager pointed to the impressive support provided by the 200-day exponential moving average (EMA) on the 4-hour chart, signaling new highs.
“However, closures above $71,000 are needed again.”
Skew similarly highlighted the importance of the $69,000 level seen in the Binance order book.
“From here, declines will be important to see the limit buy level to measure real demand for higher prices.”
IBIT approached the $1.5 billion volume threshold again on April 4th, and the relatively moderate comments from Fed members were encouraging. The majority of the members argue that inflation data for the first two months of the year should not be too concerning.
