Will Bitcoin reach $ 90,000 in April? Analysts weigh

As April approaches, traders closely monitor whether Bitcoin can maintain its current momentum or face another round Volatility. Pioneering encryption is trading at $ 87,208, indicating a 10 % increase in the past two weeks.

With the broader recovery on the market, the demand for BTC can boost in April, and its price can be frequent and potentially re -test the 90,000 – 95,000 dollars.

Below Bitcoin market? The analyst says the current levels indicate a reversal

Bitcoin (BTC) started from March with Strong upstream pushing forceIt rose to a height of 96,484 dollars by March 2. However, the market morale took a landfill, and the profits intensified, prompting the leading currency to the lowest level of 76642 dollars on March 11.

Since then, Bitcoin has organized a recovery that feed the wider market recovery and renewed demand. The currency is now trading within an upward parallel channel, a pattern indicating a gradual increase in the BTC price like Buy momentum Steel.

In an exclusive interview with Beincrypto, Julio Moreno, head of research at Cryptoquant, confirmed this upward view.

“There can be a bounce of Bitcoin price in April, as pressure from merchants deserve,” Mourino said.

Moreno evaluated the profit/loss margin of BTC and found that it had decreased steadily since the beginning of the year. When this scale decreases, the total profitability of the coins currencies that you spend on the chain decreases.

This means that investors make less profits or even a loss, which reduces their incentive for sale. Over time, this trend will gradually reduce the pressure pressure in the BTC market, and raise its price in the coming weeks.

“Since the price of Bitcoin has seen a 23 % decrease since its previous rise at all, traders will now inform losses only if they sell. This position usually indicates less pressure for sale for Bitcoin. In fact, the unreasonable profit margin of the trader is advancing today by -13 %, a level that is usually associated with local prices. This can easily get prices about 90,000 dollar”.

The pressure pressure can increase with the exacerbation of feelings

It is worth noting that since the market is trying to recover, the Haboodi feelings are still important Among the merchants.

“The overall feelings in the market are still down, as it appears in the Cryptoquant’s Bull Score. The index has not been touched 20 days ago-which is the lowest level since January 2023-it provides the weak market conditions. This raises fears that the last basic clouds can be part of the wider landing direction instead of a short-term correction,” Moreno explained.

He also added that from a historical point of view, Bitcoin not only presented sustainable prices when the bull is above 60, while readings are less than 40 are associated with bear markets.

Readings from Crypto Fear and Greed Index reflect this view. At the time of the press, the index is forty years old, indicating that the market is currently afraid.

When merchants are afraid of that such, it leads to increased sale pressure, low BTC trading sizes, and occupies them Low price.

Will Bitcoin keep more than $ 87,000 or decrease to $ 77,000?

BTC trades at $ 87,208 at the time of the press, and climbs 2 % last week. On the BTC/USD chart for a single day, the relative strength indicator of the currency (RsiIt is slightly on top of the neutral line at 51.48, indicating the gradual emission in the new demand for the king’s currency.

The RSI index measures the conditions of the asset assets market and increase. It ranges between 0 and 100. Values ​​that exceed 70 indicate that the original may be excessive at the peak of prices, while values ​​that are less than 30 indicate that the original has increased and may witness a recovery.

In 51.48 and in the slight upward trend, the RSI of BTC suggests the bullish momentum in the market. If the demand is strengthened, the currency price can pay to $ 89,434. A successful breach of this resistance can mobilize about $ 93,478.

However, if it resumes sales, the BTC price may decrease To $ 77114.