Bitcoin rose 2.7% in April, extending its winning streak for the fourth straight month. Coinglass data shows that Bitcoin has risen for the first four months of the year only in 2023 and 2013. The big question is, could the gains continue?

Bloomberg reported that four months of consecutive gains has in the past led to a sharp rally of 260% in Bitcoin over the subsequent year. Although the long-term is bullish, concerns remain in the near term. The United States saw its third regional bank failure since March when JPMorgan Chase took over the ailing First Republic.

Bitcoin bounced off the 50-day simple moving average (SMA) on April 26 and rose above the 20-day exponential moving average (EMA) on April 27. However, the bulls could not sustain the recovery as bears fiercely defended the $30,000 level.

That may have tempted short-term traders to book profits, which pulled the price below the 50-day SMA on May 1. The bears will try to strengthen their position further by sinking the price below the support at $27,000. If they succeed, the BTC/USD pair may plummet to the breakout level of $25,000. Another possibility is that the price rebounds off $27,000.

If that happens, the pair may oscillate between $27,000 and $30,000 for some time. The flattening 20-day EMA and the relative strength index (RSI) just below the midpoint suggest a range-bound action in the near term. This view will be invalidated if the bulls drive the price above $30,000. That could open the doors for a potential rally to $32,400.

Lastly please check out the advancement’s happening in the cryptocurrency world.

Enjoy the issue!

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