Bitcoin (BTC) centered on $84,000 at the April 16 Wall Street open amid hopes that a weak US dollar would fuel a bull market comeback.

Bitcoin analysis calls for 2023 rally repeat

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD consolidating after a swift comedown from local highs the day prior.

That volatility had accompanied ongoing developments in the US-China trade war, with crypto and risk assets staying sensitive to headlines and statements from parties such as US President Donald Trump.

The S&P 500 and Nasdaq Composite Index traded down 1.4% and 2.2%, respectively, at the time of writing.

Gold remained the standout winner, having set new all-time highs above $3,300 per ounce on the day.

“Unlike gold, BTC has not caught a safe-haven bid,” trading firm QCP Capital summarized in its latest bulletin to Telegram channel subscribers. 

“The ‘alternative store of value’ narrative isn’t gaining traction in the current macro regime. Positioning remains defensive. Participants are still focused on hedging their downside until greater clarity emerges.”

Looking for potential tailwinds, market participants focused on the US dollar’s inability to reclaim prior support after sliding precipitously as the trade war took hold.

The US dollar index (DXY) hovered near multiyear lows after rejecting at the psychologically significant 100 mark.

“DXY is dropping at its fastest pace since 2023,” popular trader BitBull told followers in a post on X.

BitBull drew comparisons to BTC price performance from the time, with early 2023 seeing Bitcoin and altcoins emerge from the pit of the 2022 bear market.

“Back then, $BTC had already bottomed (Q4 2022) and went on to rally 200%+ within a year,” he continued.

“I guess it’s time for btc to repeat the 2023-24 rally.”

Andre Dragosch, European head of research at asset management firm Bitwise, meanwhile flagged Goldman Sachs research seeing further DXY downside to come.

“NOTE: US Dollar is still significantly overvalued according to GS,” he commented alongside a Goldman chart of dollar strength versus US growth performance. 

“Lots of room for USD depreciation = upside potential for BTC to re-rate.”

BTC price gives cautious bullish hints

Bitcoin traders eyed various positive chart signals on the day, with these including a potential bottom formation on the 4-hour chart.

Related: Can 3-month Bitcoin RSI highs counter bearish BTC price ‘seasonality?’

“Forming an Inverse Head & Shoulders Pattern on the 4H timeframe, if we manage to hold a Higher Low in the coming days,” popular trader Luca suggested.

Crypto trader, analyst and entrepreneur Michaël van de Poppe hoped for a fresh retest of resistance, for him one of two key areas of interest.

“Bitcoin is still nicely consolidating between the two levels,” he concluded. 

“The test at $87K did happen, and I think that we’ll see a big breakout once we’ll retest it again. What’s next? Likely a run to ATH at the end of this quarter.”

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

The post Bitcoin tipped for 2023-style rebound as Goldman says dollar 'overvalued' appeared first on Crypto Spyder.

Bitcoin (BTC) eyed new April highs at the April 15 Wall Street open amid skepticism over BTC price strength.

Bitcoin price faces multiple resistance hurdles

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD seeking to break through $86,000.

Continued strength through the weekend had set up the pair for an attack on levels closer to $90,000, these absent since early March.

Concerns over macroeconomic volatility, with the US trade war at its center, nonetheless kept market participants from calling an end to the Bitcoin bull market correction.

“It’s funny watching sentiment shift so quickly – just days ago everyone was calling for 50k, now they’re rushing to flip bullish at the first green candle. This emotional rollercoaster is exactly why most traders lose money,” trading resource Stockmoney Lizards wrote in part of its latest analysis on X.

“While short-term momentum appears bullish, we still face multiple resistance hurdles before confirming the correction is complete.”

Stockmoney Lizards saw rangebound BTC price action continuing prior to a retest of the most significant longer-term resistance nearer $100,000.

“My outlook remains cautiously optimistic – expect continued ranging between 78-88k for several weeks as Bitcoin builds energy for its next move,” they forecast. 

“Once we clear the 97k zone, the path to 110k+ becomes much more viable by late summer.”

Brandt: BTC trendline break is not “transition of trend”

A key topic of conversation among traders was a BTC price breakthrough attempt focusing on a multimonth downward trend line.

Related: Can 3-month Bitcoin RSI highs counter bearish BTC price ‘seasonality?’

As Cointelegraph reported, this has been in place since BTC/USD set its current all-time highs in January. Now, its status as resistance appears to be waning.

It didn’t break a multimonth downtrend just for $86K, it wants to challenge for a higher high near the 200 MA,” popular trader SuperBro summarized in part of a recent X update.

SuperBro referred to the 200-day simple moving average (SMA), a classic bull market support trend line, currently at $87,566.

“If the HH is successful, which is likely imo, then it can retrace for a HL anywhere above the low before it runs for the wedge target above $100K,” he added.

Not everyone, however, was convinced that breaking the downtrend would mark a watershed moment for Bitcoin bulls.

For veteran trader Peter Brandt, nothing could be gained from observing price behavior around the trend line.

“Of all chart construction, trendlines are the LEAST significant,” he told X followers on the day. 

“A trendline violation does NOT signify a transition of trend $BTC.”

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

The post Bitcoin trader doubts breakout 'significance' as BTC price nears $87K appeared first on Crypto Spyder.

Bitcoin (BTC) demands a breakout as a key leading indicator reaches its highest levels since January.

Data from Cointelegraph Markets Pro and TradingView shows the relative strength index (RSI) hinting at more BTC price gains next.

Bitcoin RSI breakout has days to “full confirmation”

Bitcoin bull runs traditionally begin with telltale RSI signals, and on daily timeframes, conditions are ripe for a classic BTC price rebound.

As BTC/USD made lower lows over the past month, RSI began trending in the opposite direction, setting higher lows and attempting a type of bullish divergence.

More recently, the daily RSI broke above the 50 midpoint, only to successfully retest it as support from above before making new multimonth highs.

Among those monitoring the topic is popular trader and analyst Rekt Capital.

“Bitcoin has successfully retested red as support & the Daily RSI Higher Low continues to maintain itself as well,” he commented alongside a chart in an X post this weekend.

“Growing signs of a maturing Bullish Divergence here, with price just below the key Price Downtrend (blue).”

Rekt Capital also reported that RSI trends suggested a long-term BTC price floor at around $70,000.

Meanwhile, fellow analyst Kevin Svenson captured similarly promising signals on weekly RSI this week.

“Once confirmed, weekly RSI breakout signals have proven to be among the most reliable macro breakout indicators,” he told X followers. 

“6 Days until full confirmation.”

As Cointelegraph reported, another key breakout currently under the microscope for Bitcoin market participants involves a downward-sloping trendline in place since January’s all-time highs.

April BTC price performance far below median

Countering the bullish anticipation is an analysis focusing on the troublesome macroeconomic conditions in which Bitcoin now finds itself.

Related: Bitcoin price metric that called 2020 bull run says $69K new bottom

The ongoing US trade war and risk-asset rout make for an unlikely influx of capital to BTC, which has closely followed stocks while gold sets repeated all-time highs.

In his latest forecast for April, network economist Timothy Peterson saw little reason to celebrate.

Uploading a chart of the median yearly price path for BTC/USD, he concluded that this year was a firm underperformer.

“Half the days are above the blue line and half are below it. This April is obviously a ‘below’ month,” part of accompanying commentary read.

“That is almost certainly not going to change, given the level of interest rates and other risk factors at work in the market and economy.”

Other perspectives likewise see a lackluster April before bullish undercurrents catch up with Bitcoin, these in the form of record global M2 money supply and a weakening US dollar index (DXY).

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

The post Can 3-month Bitcoin RSI highs counter bearish BTC price 'seasonality?' appeared first on Crypto Spyder.