Bitcoin, the leading cryptocurrency, has fallen below $29,000 into April 20 as bulls attempt to reclaim ground following the rise in BTC price in March. Data from Cointelegraph Markets Pro and TradingView show declining BTC/USD prices on Bitstamp. Though buyers are fairly quick to react, the coin is still struggling below the $29,000 resistance point.

Lead analyst, Checkmate from Glassnode, expressed his view on the state of the market, saying that the average transactor is taking profits as Bitcoin is correcting. He noted that he is waiting for realized losses as a signal of panic from buyers when the coin crossed $30,000. His accompanying chart detailed the Adjusted Spent Output Profit Ratio (aSOPR) metric, which covers aggregate profit and loss of on-chain transactions.

Matthew Hyland, an analyst, also shared his opinion regarding Bitcoin's current state. He mentioned the relative strength index (RSI) on daily timeframes which is approaching one-month lows. RSI helps to determine how much BTC/USD is overbought or oversold at a certain price, which could suggest an upcoming uptrend.

In addition, popular trader and analyst Jelle observed a similar fractal pattern which he named the “Bart Simpson” pattern. It refers to a spike, plateau and then a retracement, followed by a high break-out later. He believes that support at $28,800 could allow BTC/USD prices to reach $30,000 in the next few weeks.

John Bollinger, the creator of the Bollinger Bands volatility indicator, cautioned the market about the rapid changes in Bitcoin. The coin’s breakout had been stopped near the upper Bollinger band and is now returning to its middle point. He mentioned that it is a logical outcome and urged traders to pay attention.

Ultimately, despite some dips in price, Bitcoin appears to have positive prospects in the near future. However, it is still recommended to be aware of changes in the market in order to make the right investment decisions.



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