Bitcoin Price Analysis: Will BTC Close the Quarterly Trade Above $90,000?
After the 2021 bull run, the Bitcoin price and the entire crypto market began to be influenced by traditional global markets. However, with the entry of institutions, the trade dynamics of the market have shifted significantly. This has led to a situation where external factors seem to have a limited impact on the price of BTC, indicating confidence in a continued upswing.
The recent ‘tariff war’ initiated by US President Donald Trump caused a decline in both traditional and crypto markets. However, with the temporary easing of the April 2 tariff plan, the markets have shown some strength. Despite this, a new wave of volatility is expected due to the movement of over 11,000 BTC worth $1 billion by Mt. Gox. This has raised concerns about potential selling pressure and increased volatility in the crypto markets.
Historically, Mt. Gox’s actions have had minimal impact on the BTC price. The current market dynamics suggest that the price may not be significantly affected by the recent move. The question now arises: Will Bitcoin’s price close the quarterly trade above $90,000?
Currently, the BTC price has surpassed the 200-day MA and is trading within a range between the 50-day and 200-day MA, which are acting as strong support and resistance levels. Additionally, the baseline of Ichimoku is providing support, with a potential bullish crossover in the near future. For this to happen, the price needs to maintain higher highs and lows and test the 50-day MA around $90,000.
The RSI remains elevated, albeit with slow momentum, while the MACD indicates a rise in buying pressure within a negative range. Confirmation of a bullish trend will require the RSI to break above 65 and the MACD to enter positive territory, indicating a surge in buying volume. The upcoming monthly close will be crucial, as a rise in volume could signal a strong upward trend ahead.