Bitcoin is back at a trim diagonal support level of up to $40,000. However, it could still test the primary support zone from $37,000 to $38,000. The most popular cryptocurrency began to decline on March 28; And fell to a local low of $39,200 on April 11.
It is possible that Bitcoin dropped with the ascending support line that has been in place since January 22. However, the technical indicators are in decline. The RSI has broken away from the uptrend line. It is currently below 50. RSI is an indicator of momentum, and values below 50 signify a falling rate.
In addition, the last time when this figure fell below 50, It led to a one-month drop to the January low of $32,917. If BTC breaks down again, the following bullish support line will be $37,500. The two-hour diagram shows that BTC is decomposed from a descending parallel channel. It confirmed the track as resistance on April 11 before accelerating the descent. If the downtrend continues, the nearest support zone will be near $37,800.
Unlike the daily RSI, the two-hour RSI shows signs of growth. In addition to generating growth divergence, it is the best-selling after January. However, the price action does not show any signs of a reversal of growth. The number of long-term waves suggests that a final upward move to $50,000 is expected. However, BTC can provide another short-term low rate.
Bitcoin Perspective
The U.S. dollar index rose to 100 for the first time since May 2020, against the U.S. Federal Reserve hike cycle. The current green money rally underscores a risk-off solid mood. Goldman Sachs believes the Fed will raise its benchmark interest rate by 50 basis points in May and June to reduce inflation. Experts predict that the price of Bitcoin could rise again if the Federal Reserve stops monetary tightening. However, the central bank may not soon change its course due to persistently high inflation.
U.S. Treasury’s 10-year revenue reached a three-year peak. The former CEO of BitMEX recently predicted that the price of Bitcoin could fall to $30,000 by the end of the second quarter. Bitcoin’s correlation with the technologically heavy Nasdaq 100 index, which includes stocks such as Tesla and Microsoft, has recently reached another record peak. This may be due to the recent insufficient performance of technology stocks for Bitcoin. The top cryptocurrency price has now fallen by 41.43% from a record peak. However, Bitcoin still grew by 23.25% compared to the low of 2022, at $32,950.
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