It was another relatively volatile, but still, positive week for the crypto market and Bitcoin. BTC for one more time tested the $70K resistance level, reaching the highest weekly price at $71.3K. Although the market is generally oriented toward the question of when the Fed will start cutting interest rates, the crypto community is more concerned regarding the BTC price after the forthcoming halving. On one side there are analysts who are noting that the BTC`s price will continue to rise, considering that there will be more available coins on the market, including its further adoption, while on the other side are those who are noting a possibility that the price will revert a bit, considering decreased fees for miner. Who is going to be right it will be seen as of the end of April, for when the halving process is scheduled. Certainly, higher availability of BTC through ETF`s will further impact its price on a positive side, through increased demand, however, it is hard to predict where the price might go from its current levels.
The RSI was relatively steady during the week, around the 58 level. It shows that the market is still not sure whether it is time to start its clear path toward the oversold side. Moving average of 50 days continues to diverge from its MA200 counterpart, still not indicating any possible cross in the near future.
It should be taken into account that the Good Friday Holiday made Western markets slow down on Friday. Holiday weekend will also impact relatively decreased trading volumes and BTC`s volatility. A new week will bring back traders on the market, so the volatility of BTC will return. From current charts, it is evident that the market does not have a strength to cross the $70K resistance line. In this sense, it might be expected a short reversal at least toward the $68K level. At this moment, there is no indication that the price might slip below this level. On the opposite side, BTC will continue to test the $70K resistance.
The RSI was relatively steady during the week, around the 58 level. It shows that the market is still not sure whether it is time to start its clear path toward the oversold side. Moving average of 50 days continues to diverge from its MA200 counterpart, still not indicating any possible cross in the near future.
It should be taken into account that the Good Friday Holiday made Western markets slow down on Friday. Holiday weekend will also impact relatively decreased trading volumes and BTC`s volatility. A new week will bring back traders on the market, so the volatility of BTC will return. From current charts, it is evident that the market does not have a strength to cross the $70K resistance line. In this sense, it might be expected a short reversal at least toward the $68K level. At this moment, there is no indication that the price might slip below this level. On the opposite side, BTC will continue to test the $70K resistance.
