Bitcoin is still facing resistance near $29,000 while Ether has taken the lead in the crypto market's bullish trend. Despite Bitcoin remaining below the significant $30,000 level, MicroStrategy has added more Bitcoin to their holdings. Although there has been a sharp recovery since November 2022, Material Indicators suggests that the current upswing is a bear market rally. However, a survey by Brown Brothers Harriman reveals that institutional investors are still interested in the crypto space, with 74% looking to invest in exchange-traded-funds with cryptocurrency exposure.
The question remains whether Bitcoin will continue its upward trend and surpass $30,000, potentially boosting altcoins.
BTCUSDT
Regarding Bitcoin's price analysis, the bulls attempted to push the price above $29,000 on April 5, but the long wick on the candlestick indicates that bears sold aggressively at higher levels. The bears may try to further their advantage by bringing the price below the 20-day exponential moving average ($27,273), which is a crucial level to monitor. If this support breaks, several short-term bulls may exit their positions, potentially causing a retest of the neckline of the inverse head and shoulders pattern at $25,250. Conversely, if the price rebounds off the 20-day EMA, it will suggest that the bulls are defending the level strongly, and a break above the overhead resistance at $29,185 may lead to BTC/USDT climbing to $30,000 and eventually to $32,500.
The question remains whether Bitcoin will continue its upward trend and surpass $30,000, potentially boosting altcoins.
BTCUSDT
Regarding Bitcoin's price analysis, the bulls attempted to push the price above $29,000 on April 5, but the long wick on the candlestick indicates that bears sold aggressively at higher levels. The bears may try to further their advantage by bringing the price below the 20-day exponential moving average ($27,273), which is a crucial level to monitor. If this support breaks, several short-term bulls may exit their positions, potentially causing a retest of the neckline of the inverse head and shoulders pattern at $25,250. Conversely, if the price rebounds off the 20-day EMA, it will suggest that the bulls are defending the level strongly, and a break above the overhead resistance at $29,185 may lead to BTC/USDT climbing to $30,000 and eventually to $32,500.