Bitcoin traders in India are closely monitoring the recent price movements of BTC as it faces resistance near $89,000, indicating a potential 10-15% price dip. Data from Cointelegraph Markets Pro and TradingView reveals that BTC\/USD hit new highs of $88,874 in April but struggled to maintain momentum. The rejection at the key 200-day moving average has raised concerns among traders, with some predicting a correction in the near future. The 200-day SMA traditionally acts as support in bull markets, but its loss in March led to a downward spiral in BTC price. Despite a rebound from five-month lows, traders are cautious about the current price action. Stochastic relative strength index (RSI) values suggest that BTC could experience a 10-15% correction based on historical patterns. Market participants are also considering the impact of the S&P 500’s downward momentum on BTC price. However, some traders believe that the recent price reversal could indicate a bullish trend, citing macroeconomic factors like the weakening US dollar and all-time highs in the global M2 money supply. Popular trader Cas Abbe is optimistic about BTC’s future, pointing to whale accumulation, the reemerging Coinbase premium, and bottomed-out altcoins as signs of a sustained rally. While the market outlook remains uncertain, investors are advised to conduct thorough research before making any investment decisions.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin traders in India are closely monitoring the recent price movements of BTC as it faces resistance near $89,000, indicating a potential 10-15% price dip. Data from Cointelegraph Markets Pro and TradingView reveals that BTC\/USD hit new highs of $88,874 in April but struggled to maintain momentum. The rejection at the key 200-day moving average […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[25],"tags":[],"aioseo_notices":[],"featured_image_urls":{"full":"","thumbnail":"","medium":"","medium_large":"","large":"","1536x1536":"","2048x2048":""},"author_info":{"display_name":"","author_link":"https:\/\/vanillanews.com\/index.php\/author\/"},"category_info":"JUST IN<\/a>","tag_info":"JUST IN","comment_count":"0","_links":{"self":[{"href":"https:\/\/vanillanews.com\/index.php\/wp-json\/wp\/v2\/posts\/103734"}],"collection":[{"href":"https:\/\/vanillanews.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vanillanews.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/vanillanews.com\/index.php\/wp-json\/wp\/v2\/comments?post=103734"}],"version-history":[{"count":0,"href":"https:\/\/vanillanews.com\/index.php\/wp-json\/wp\/v2\/posts\/103734\/revisions"}],"wp:attachment":[{"href":"https:\/\/vanillanews.com\/index.php\/wp-json\/wp\/v2\/media?parent=103734"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vanillanews.com\/index.php\/wp-json\/wp\/v2\/categories?post=103734"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vanillanews.com\/index.php\/wp-json\/wp\/v2\/tags?post=103734"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}