Bitcoin rallied about 72% in the first quarter of the year, making it the best-performing asset class. The Nasdaq 100 with a gain of 20.5% was far behind. In commodities, gold was up roughly 9% and sugar turned out to be the best performer with a 23% rally.
Bitcoin’s rise in the first quarter becomes even more impressive because it came during the time when the globe witnessed a banking crisis. This suggests that the failures in the legacy banking system boosted interest in cryptocurrencies.
After a strong first quarter of the year, what can investors expect in April? Will Bitcoin continue its northward march or will bears come back with a bang?
Bitcoin is trading in a tight range between $29,190 and the 20-day exponential moving average (EMA) for the past few days. This suggests that the bulls are buying on dips while the bears are selling on rallies. This tight-range trading is unlikely to continue for long.
The rising 20-day EMA and the relative strength index (RSI) in the positive zone suggest that bulls are in command. If buyers thrust the price above $29,200, the BTC/USD pair will pick up momentum and rise to $30,000. This level may act as a strong resistance but it is likely to be crossed. The pair may then soar to $32,000.
Contrarily, if the price turns down and plummets below the 20-day EMA, it will tilt the short-term advantage in favor of the bears. The pair could then plummet to the breakout level of $25,000. Buyers are expected to defend the $25,000 level with vigor because if this level breaks, the selling may intensify and the pair could plunge toward the 200-day simple moving average (SMA).
Lastly please check out the advancement’s happening in the cryptocurrency world.
Enjoy the issue!
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