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The price of Bitcoin (BTC) is at a very important level! Expert analysts comment, explaining which level needs to be broken to confirm a bullish trend!
Bitcoin ($BTC) is showing optimistic prospects amid news of an indefinite ceasefire in the Iranian war between the United States and Iran.
This has strengthened bullish forecasts, and although $BTC technical indicators are improving, short-term uncertainty still remains, according to the analytical company.
According to the latest analysis by Matrixport, a cryptocurrency analytics firm, Bitcoin’s technical outlook has improved this week, but short-term uncertainty persists.
The key factor determining future Bitcoin price movements will be the continued inflow of funds into spot Bitcoin ETFs.
The analytical firm stated that $BTC is currently recovering near a key support level, and indicators such as the Relative Strength Index (RSI) and MACD are giving buy signals.
However, despite these improvements, Bitcoin trading volume remains insufficient, and a breakout above the 200-day moving average (MA) on the daily chart has not yet occurred.
Analysts noted that a breakout above the 200-day moving average is critical, and although continued inflows into spot ETFs and signs of increasing institutional investment are being observed, there is also potential for short-term profit-taking.
In conclusion, the analytical firm states that for a clearer Bitcoin outlook, it is necessary to wait for confirmation of a breakout above key resistance levels, and for now, a wait-and-see approach appears to be the most reasonable course of action.
Is Bitcoin’s recovery a signal of an uptrend?
In addition to Matrixport, CryptoQuant analyst Axel Adler also analyzed the latest Bitcoin situation.
According to available data, selling pressure from short-term holders (STH) on Bitcoin decreased significantly in April.
The analyst stated that the current Bitcoin price is around $78,000, which is still below the minimum purchase price of approximately $83,000.
According to the analyst, the market has not yet entered the premium range, as $BTC remains below this level. Historically, the STH cost basis minimum at $83,000 has been a critical turning point for Bitcoin. The analyst argues that a recovery and sustained hold above this level typically signals a more defined uptrend.
Considering all the data together, the analyst concludes that the recovery is not a new uptrend. Stating that the critical point is whether Bitcoin can surpass its STH cost basis of $83,000, the analyst said: “If this happens, the STH discount will turn into a premium, providing a significant signal for a new upward cycle. However, if this does not happen, the current recovery will likely be only a temporary phase rather than a new uptrend.”
