Autor Cointelegraph By William Suberg

Bitcoin (BTC) consolidated above the 2022 yearly open on April 2 after a return to form briefly saw bulls reclaim $47,000.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewBTC price holds “crucial” long-term supportData from Cointelegraph Markets Pro and TradingView showed BTC/USD circling $46,600 Saturday on the back of a clear bounce at long-term support.The pair had dipped to lows of around $44,300 Friday, these nonetheless shortlived as positive sentiment took control into the Wall Street open.For Cointelegraph contributor Michaël van de Poppe, with intent to retain newly flipped support confirmed, the odds were on for an attack on $50,000.”Crucial area held up for Bitcoin, in which continuation upwards seems likely,” he summarized to Twitter followers on the day. “If we visit the $45k range again, I think it’s a sign of weakness and we’ll go $40k area. If we don’t, then $50k next week might be likely.”BTC/USD annotated chart. Source: Michaël van de Poppe/ TwitterPlanB, the analyst behind the popular stock-to-flow based Bitcoin price models, meanwhile noted continued strength in Bitcoin’s relative strength index (RSI).#bitcoin RSI bouncing back up. BTC 25% below ATH levels. pic.twitter.com/7mC9oS23Qw— PlanB (@100trillionUSD) April 2, 2022As Cointelegraph reported, bullish RSI performance had accompanied price squeezes throughout recent weeks.Reserve Risk metric stays in “outsized” returns zoneOver the course of March, meanwhile, one on-chain metric began to deliver ever-stronger buy signals for BTC/USD.Related: ‘Hold my beer’ — Terra already up $165M from buying Bitcoin as BTC stash nears Tesla’sReserve Risk, which offers an indication of when to invest in order to guarantee “outsized” returns over time, remained in its target zone this weekend after more than four weeks.While showing signs of trending up, Reserve Risk hinted that the recent price rises were not the end of the story on higher timeframes.Bitcoin Reserve Risk chart. Source: LookIntoBitcoinThe views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Bitcoin (BTC) showed signs of recovery from an overnight rout on April 1 after the Ides of March caught up with bulls at the last minute.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewBitcoin faces “pivotal” momentData from Cointelegraph Markets Pro and TradingView showed BTC/USD passing $45,500 on Friday’s Wall Street open.The pair had dipped to near $44,000 into the March monthly close, the pullback fuelled by a combination of macro factors and actions by large-volume wallets.European stocks suffered on the day thanks to Russia threatening to cut off gas supplies, while a vote by European Union lawmakers to ban “unhosted” wallets further soured the mood. While failing to spark a deeper retracement towards $40,000, the triggers left Bitcoin short of its all-important yearly open at $46,200 at the time of writing. This in turn left the door open for a return of the trading range in force since the beginning of 2022 with the yearly open as its ceiling.”If we are supposed to go down, I think it’ll happen from here,” trader Crypto Ed summarized alongside a chart showing bullish and bearish continuations.#BTC update from videoIf we are supposed to go down, I think it’ll happen from here. Bullish alternative in blue pic.twitter.com/xfx4euh7RP— Ed_NL (@Crypto_Ed_NL) April 1, 2022For popular Twitter account Material Indicators, short timeframes would be telling for overall market trajectory.Bitcoin had exited a rising wedge on the weekly chart, but had nonetheless failed to preserve the 50-week moving average (WMA) as support.”Bitcoin is in a pivotal position,” it wrote on the day. “BTC bulls lost the 50 WMA, but managed to reclaim the R/S flip above the structure. Volatility resides on either side of the range. Watching for the restests.”BTC/USD chart. Source: Material Indicators/ TwitterApril known not to disappointUnlike March, April is a historically successful month for Bitcoin, leaving this year with much to live up to.Related: Bitcoin ‘dormant’ for 7+ years moved right before BTC price dropped 5%According to data from on-chain analytics resource Coinglass, BTC/USD has never lost more than 3.46% in April, with maximum gains at 50%.Bitcoin monthly returns chart (screenshot). Source: CoinglassThe views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Bitcoin (BTC) began to show fresh signs of an impending correction on March 31 as BTC price action began to eat into last weekend’s CME futures gap.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewUp or down, CME futures gaps provide targetsData from Cointelegraph Markets Pro and TradingView showed BTC/USD abruptly spiking down by $1,000 in minutes on Bitstamp after March 31’s Wall Street open. The pair had ranged after failing to cement $48,000 as support earlier in the week, amid calls for a retest of lower levels as a necessary step after considerable gains.At the time of writing, Bitcoin circled $46,700, having hit its lowest levels since the night of March 27.A look at the CME futures chart showed that short-term price performance could have a downside target in the form of the “gap” left over from last weekend.CME futures ended trading at around $44,650 on March 25, only to open on March 28 at $46,725.The resulting “gap” could very well get “filled” based on historical precedent, meaning that Bitcoin would be in for a further $2,000 dip.CME Group Bitcoin futures 1-day candle chart. Source: TradingViewPopular Twitter account @CivEkonom, nonetheless, noted that a “stealthy” previous gap from last year between $52,000 and $54,000 also remained open.”Gaps always get filled on The CME Bitcoin futures,” he commented.Everything according to planThe retest, meanwhile, fell into the short-term gameplan for some popular traders.Related: Bitcoin just regained a key price trendline after its longest absence since March 2020In an update on the day, Anbessa said that he likewise favored a return to the mid-$44,000 range, while only a deeper move would challenge his so far bullish perspective.#Bitcoin Gameplan Update ✔️Following green projection:-Resistance hit after 27% bounce from channel support- 360MA HTF target hit (slightly above)- channel breakout Now: – green projection stays in tact if S/R flip above $44,333 -prefer retest, patience here @ resist pic.twitter.com/sjzUdeduF9— AN₿ESSA (@Anbessa100) March 28, 2022Cheaper coins would further favor the main buyer of late March, Blockchain protocol Terra, buy-ins from which reached 30,000 BTC on March 31.Cross-crypto sentiment, meanwhile, also continued to adjust down, the Crypto Fear & Greed Index having hit t”greed” territory for the first time in 2022.Crypto Fear & Greed Index (screenshot). Source: Alternative.meThe views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.