Bitcoin price has been maintaining a consistent upswing in the past few days, which is expected to remain elevated and reach the psychological barrier at $90,000
The price of Bitcoin (BTC) has been on a consistent upswing in the past few days, which is expected to remain elevated and reach the psychological barrier at $90,000.
While there are multiple attempts to drag the rally, the BTC price is expected to remain unaffected and remain inflated until it reaches the desired target.
After the 2021 bull run, the Bitcoin price and the entire crypto market began to be influenced by traditional global markets. Meanwhile, with the entry of the institutions, the trade dynamics of the entire market have changed to a large extent. Hence, the external factors now seem to have a limited impact on the BTC price, as it seems to be confident of a continued upswing hereafter.
The US President Donald Trump lit the ‘tariff war’ a few days ago, which dragged the traditional and the crypto markets lower. Now that he has eased the April 2 tariff plan for a while, the markets seem to have gained some strength. On the other hand, a fresh wave of volatility is expected to hit the markets with the fresh updates on Mt. Gox. The platform has now moved more than 11,000 BTC worth over $1 billion, which has become a matter of concern. The experts believe a fresh wave of volatility may strike the crypto markets, which may increase the selling pressure.
It’s not the first time Mt. Gox made such moves. Previously, when it began its rehabilitation program, the creditors demonstrated a huge confidence in the upcoming price trend. As a result, the BTC price faced a minimal impact, which was short-lived. Moreover, the current market dynamics suggest the price may not be impacted by the current move too.
Now the question arises: Will Bitcoin’s (BTC) price close the quarterly trade above $90,000?
After rising above the 200-day MA, the BTC price has entered a secured range between the 50-day and 200-day MA, which is acting as strong resistance and support levels. Moreover, the baseline of Ichimoku is acting as a support, aiming for a bullish crossover in the next few days. This may happen only if the price continues to form constant higher highs and lows and eventually tests the 50-day MA close to $90,000.
Meanwhile, the RSI remains elevated, even though the pace is extremely low. On the other hand, the MACD shows a rise in the buying pressure, but the levels remain within a negative range. Hence, no bullish confirmation can be validated unless the RSI breaks above 65 while the MACD is expected to rise to the positive range and to do so, a notable rise in the buying volume is a must. Therefore, the upcoming monthly close can be as important as the rise in volume may revive a strong ascending trend ahead.
