Bitcoin (BTC) consolidated over the annual opening for 2022 on April 2 after a brief return to form bulls that reclaim $ 47,000.
Hourly candlestick chart BTC / USD (bit stamp). Source: Trading View
The BTC award has long-term ‘critical’ support
Data from Cointelegraph Markets Pro and TradingView showed that BTC / USD reached $ 46,600 on Saturday amid a clear improvement from long-term support.
The pair fell to a low of around $ 44,300 on Friday, but it was short-lived, although there were positive emotions at the Wall Street opening.
For Cointelegraph contributor Mikael van de Poppe, who was keen to maintain the recently reversed support, the chances of an attack were $ 50,000 high.
He summed up on Twitter the same day: “Bitcoin is still a critical area where continued growth seems likely.”
“If we go back to the $ 45K range, I think it’s a sign of weakness, and we’ll go to the $ 40K range. If we do not, it will probably be $ 50,000 next week.”
Detailed BTC / USD chart. Source: Mikael van de Poppe / Twitter.
Meanwhile, PlanB, the analyst behind popular Bitcoin price patterns based on the stock-to-flow ratio, pointed to the ongoing rise in the Bitcoin Relative Strength Index (RSI).
As Cointelegraph reported, a bullish rally in RSI has followed price declines in recent weeks.
The reserve risk value remains in the “large volume” return zone
Meanwhile, during the month of March, one of the network’s indicators began to give stronger signals to buy BTC / USD.
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Reserve Risk, which provides insight into when to invest to ensure “excessive” returns over time, remained in target territory this weekend after more than four weeks.
The reserve risk showed signs of an upside and indicated that the recent rise in prices was not the end of history in higher time frames.