Bitcoin Update
The Bitcoin price today reports losses of around -3.50% as the session has progressed on Monday, the day started with a downward movement that sent Bitcoin below $ 8,000. Now it is currently at about $7.984 After the strong rally we could see last week, on this one many buyers may be expecting a considerable pullback.
The 100 SMA is above the 200 SMA, which tells us that the price has little resistance to the upside, or to put it in other words, it is more likely that rise will start than the price falls. The space between these two indicators is still expanding or indicates a strengthening of the bull’s pressure.
The 100 SMA will be an important support to beat for bears and is close to $ 7836, a break of this support can send the price to $ 7000-7200, which could indicate that the bears are strengthening again.
The stochastic is at intermediate levels above 20, which shows a rest in the buyers and allowing sellers to take over from here. The RSI is also pointing down towards the oversold levels or indicating that we are close to the upward pressure that will lead us to overcome the highs of the last week and most likely find new highs for this week.
The slight fall in the price of Bitcoin is stimulated by the imminent tax filing deadline in the US on April 17. (Massive withdrawals to pay taxes) Traders are anticipating more gains for the cryptocurrency after the deadline because investors will reopen their positions. In addition, the second quarter of the year (Q2) has been historically positive for the price of Bitcoin, so it will not be a surprise that investors make a strong movement inside the market before the end of the period.
Volume in Bitcoin continues to rise, despite recent bans in India and Pakistan. The market remains nervous for regulatory measures but the news that large hedge funds are preparing to invest more in the crypto market will overcome these nerves.
© Forex.Academy
