Bitcoin (BTC) Price Analysis – Daily Updates On April 25 | Which Scenario For BTC?

The weekly candle closed with a full selling volume, the lowest price retested the strong support zone at $38,900. The candle closed below EMA 89 and is still sideways in the range of $37,700- $43,500. In the past week, the community was quite excited when BTC reached nearly $43,000, some altcoins recovered strongly like Luna, Near.. Besides, the news about the Fed meeting to raise interest rates also made the market stir as usual. Let’s go with Coincu to analysis on BTC this week.

Onchain Data

BTC: Exchange Netflow (Total) – All Exchanges

In the past few days, a large amount of BTC has been withdrawn from the exchange while the amount deposited on the floor is not much. This clearly shows that this price level is still very attractive to long-term investors who are still actively buying.

Bitcoin: Exchange Reserve – All Exchanges

The supply of BTC on exchanges continues to be low, looking at the chart we can see the lowest Exchange Reserve – All Exchanges level since November 2020. Whales are buying at these prices, including buying as much as they can.

Bitcoin: Funding Rates – All Exchanges

Currently, the funding indicator is negative. Besides, the buying volume doesn’t have enough motivation to kill short, we have previously analyzed the $45,000 that has not been able to kill short need above that level. In this situation, there is no volume buy so the plan will continue to increase slightly and then dump to kill long. Try to kill as many longs as possible, it makes increases the pressure of fear. Users can open more short orders. Funding is more negative, at the end of the accumulation cycle, at the end of the new cycle, it will kill short and pump very strongly.

Technical Data

The weekly candle closed as a full volume-selling with strong selling pressure on the whole market. Breaking the cross trend at the strong support area of $38,900. Price closed below 34 EMA, tested 89 EMA, for a bearish. Currently, the bulls are dominant. The price moves sideways in the big frame from $37,000-$43,000. Both the MACD and the RSI are showing negative signs in the daily time frame.

The price closed below the EMA 34,89 for the downtrend, looking at the selling force, we can see the next price points we need to watch out for: $37,000 and $34,000. If the price breaks through $34,000 we will see a new bottom as our previous analysis expected.

So this week we need to observe and be careful about buying and selling actions. The long-term trend is bullish, but the short-term trend on the weekly and daily timeframes is bearish. However BTC will not dumb immediately, BTC will sideway to kill long- short, then recover to the expected price at $42,000 and then will dump. The price needs to watch at $34,000-$37,000 zone.

If you have any questions, comments, suggestions, or ideas about the project, please email ventures@coincu.com.

DISCLAIMER: The Information on this website is provided as general market commentary, and does not constitute investment advice. We encourage you to do your own research before investing.

Alan

Coincu Ventures