Bitcoin Surges to 7-Week Highs Amid Doubts of $100K Rebound, Traders Cautious of Recent Gains

Bitcoin is witnessing a tussle between buy and sell volume as BTC/USD hits its highest levels since the start of March. BTC price action is making traders increasingly wary due to the pace of recent gains. $100,000 is likely to remain out of reach for the short term, multiple commentators say. Bitcoin (BTC) headed into key resistance after the April 25 Wall Street open as doubts over the BTC price breakout persisted. Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting new seven-week highs above $95,000. Having preserved its yearly open at $93,500 as intraday support, Bitcoin went on to liquidate leveraged shorts as $100,000 came closer. The latest data from monitoring resource CoinGlass shows progress in taking upside liquidity across exchange order books. Reacting, popular trader Daan Crypto Trades underscored the importance of the current price range in the context of the Bitcoin bull market. Others were cautious, with fellow trader Skew revealing a tug-of-war between a large-volume buyer and seller. Continuing, Keith Alan, cofounder of trading resource Material Indicators, likewise doubted whether BTC/USD could sustain a trip above $95,000. Macroeconomic perspectives also favored a period of consolidation before BTC/USD returned to six figures. In its latest bulletin to Telegram channel subscribers, trading firm QCP Capital argued that Bitcoin lacked a $100,000 “catalyst.” This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their research when making a decision.

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