The queen of cryptos continues its bull run despite a slowdown on the psychological zone of $30,000. Bitcoin (BTC) could reach other higher targets since no bearish signals present themselves. A monthly close at $35,000 is possible.
Bitcoin (BTC) recovers 82% in current year
The largest crypto by capitalization has been in top form since the start of the year. It is currently recording 82% over the current year, and is about to half-correct the fall of the past year. Looking at the daily chart of bitcoin (BTC), no bearish signal is in sight. This bullish rally could then continue, allowing BTC to achieve other higher targets. The closest hurdle is found at $31,850. This is half of the 2022 range, which served as our price target during the April 17 analysis. Nevertheless, the most relevant resistance stands at $35,000.
A rise towards the zone between $35,700 – $41,200 is then possible. If the price breaks through this zone with a strong bullish impulse, we can consider BTC at $53,000 on a long-term perspective. Besides, the RSI shows that the bulls are currently dominating the market. Added to this is the rebound of the price on the 200-day moving average on March 10, which is a strong bullish signal. We could see a correction if bitcoin (BTC) closes this month in the red. In this case, the price could drop below $26,556 and potentially towards $23,253.
Bulls dominate
The short-term price structure is currently very bullish. Even over the long term, bitcoin (BTC) has already shown a major trend change. We could then consider a further increase. This implies that buying positions will be preferred. We maintain the outlook for the week of analysis on April 17, which envisages a weekly close in the green.
Before that, a slight retracement towards $29,624 is envisaged before the price continues higher. Thus, this will be the next entry point for a long position. If bitcoin (BTC) breaks through Tuesday’s low, this bullish thesis will be invalid.
Admission: $29,624;
Stop: $29,000;
Goal 1: $32,000;
Objective 2: $35,700.
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