BTC was traded relatively flat during the previous week. The market attention is currently switched toward the ETH. The story related to the first BTC ETF is finalized positively, however, a new one is emerging which is related to first ETF ETH, which is currently scheduled to get the first answer from the SEC in May this year. As investors are starting slowly to position for the potentially positive reply from SEC, so some funds are flowing from BTC toward the ETH. BTC reached its highest levels for this year two weeks ago at $52.7K, and since then is struggling to sustain levels above the $50K support. On a positive side is that BTC futures are still holding modestly below $60K for the maturing period in December 2025.
The price of BTC was moving in a relatively short range during the previous week. Lowest – highest range was between levels of $50.5K up to $52.7K. The short term resistance line at $53K has not been tested for the second week in a row. On the opposite side, the support line at $50K also has not been clearly tested. The RSI continues to move within an overbought momentum, modestly slipping toward the level of 65 as of the weekend. Moving averages of 50 and 200 days are currently moving as two parallel lines with an uptrend, without any indication that the cross might come soon.
BTC is evidently slowing down a bit, after a strong push to the upside, a few weeks ago. For the last two weeks, there is increased potential for a short term reversal, considering that RSI is moving within highly overbought momentum. There is currently no market strength for the price of BTC to clearly test the $53K resistance line, in which sense, there is increased probability that the coin might revert back toward the $50K support line to test it. Also, it should be taken into account that ETH ETF frenzy is emerging on the crypto market, which might imply some further funds transfers between BTC and ETH.
The price of BTC was moving in a relatively short range during the previous week. Lowest – highest range was between levels of $50.5K up to $52.7K. The short term resistance line at $53K has not been tested for the second week in a row. On the opposite side, the support line at $50K also has not been clearly tested. The RSI continues to move within an overbought momentum, modestly slipping toward the level of 65 as of the weekend. Moving averages of 50 and 200 days are currently moving as two parallel lines with an uptrend, without any indication that the cross might come soon.
BTC is evidently slowing down a bit, after a strong push to the upside, a few weeks ago. For the last two weeks, there is increased potential for a short term reversal, considering that RSI is moving within highly overbought momentum. There is currently no market strength for the price of BTC to clearly test the $53K resistance line, in which sense, there is increased probability that the coin might revert back toward the $50K support line to test it. Also, it should be taken into account that ETH ETF frenzy is emerging on the crypto market, which might imply some further funds transfers between BTC and ETH.
