Bitcoin (BTC) returned to the $ 60,000 mark on April 10 as the market was hit by long-awaited volatility, in line with analysts’ expectations.
1 hour candlestick chart BTC / USD (Bitstamp). Source: Tradingview
“Be a dear bear”
Cointelegraph Markets Pro and TradingView showed an unexpected increase that allowed BTC / USD to break out of the $ 50,000 corridor on Friday night.
The move took several weeks – it had previously failed to launch a convincing $ 60,000 resistance attack, most recently before the all-time highs.
Things look different now, but with Bitcoin continuing to cross $ 61,000 before consolidating around $ 60,650 at the time of writing.
Quantitative analyst Lex Moskovsky tweeted how the market turned into “short-selling bitcoins at $ 163,745,606 per hour.”
“While Bitcoin is moving to another NOTE. It’s expensive to be a bear. ”
The picture really surprised traders who spent several weeks in the sideways market, which sometimes declined for several weeks.
The driver behind the latest rally is still ready on Saturday, as is the true degree of resilience given the importance of $ 60,000 psychological support to be achieved.
The notable change has been stock market financing rates, which have fallen significantly in recent days, reducing friction by $ 60,000 or more before rising when the market rallies.
Bitcoin Exchange Funding Rates. Source: Bybt
Do not lean towards the top of the market
However, some were too optimistic about the market’s preparations for this week. Among them was Philbfilb, co-founder of the trading group Decentrader, who stated that Bitcoin at $ 58,000 technically has a lot in common with Bitcoin at $ 20,000.
“I am still very optimistic about 58 thousand,” he told subscribers to the Telegram trading channel on Friday. “The structure is the same as 20k IMO; There are many other nuances in the market that are also similar in order flow and depth. ”
On Tuesday, other Decentrader analyst Philip Swift expressed similar trends, using the upcoming split of two key moving averages to indicate that BTC / USD should continue to work.
These were 111-day and 350-day moving averages, with the latter doubled, collectively known as the pi cycle.
“My current short-term market forecast for Bitcoin is a neutral bullish trend, so I personally believe that there is a strong possibility that this will not be the peak of the Bitcoin market cycle when the moving average of the Pi cycle crosses over in a few days,” wrote Swift in the market overview.
“Other indicators and fundamentals indicate that we have not yet reached the end of the market cycle.”
Others agreed, but were a little more cautious, including statistician Willie Wu, who warned on Friday that Bitcoin could end its first double peak price increase.
He summed up: “It is clear that volatility shortens this cycle,” adding that a market value of $ 1 trillion – equivalent to a Bitcoin price of around $ 53,600 – would again be “unlikely”.