Bitcoin (BTCAfter returning to the form, it was integrated beyond 2022, which opened on April 2, and the Bulls regained $ 47,000.
BTC prices retain “significant” long-term support
Data from Cointelegraph Markets Pro When TradingView It showed that BTC / USD was orbiting $ 46,600 on Saturday against the backdrop of a clear bounce in long-term support.
The pair fell to a low of about $ 44,300 on Friday, but they were short-lived as positive sentiment dominated the opening of Wall Street.
For Cointelegraph contributor Michaelël van de Poppe, a $ 50,000 attack was possible as he confirmed his intention to maintain the new inside-out support.
“It’s an important area held up for Bitcoin, and there’s likely to be an upward continuation,” he said. wrap up To Twitter followers on the day.
“If I visit the $ 45,000 range again, I think it’s a sign of weakness. I’m going to the $ 40,000 area, otherwise it could be $ 50,000 next week.”
Meanwhile, Plan B, the analyst behind the popular stock-to-flow based Bitcoin pricing model, pointed out the continued strength of Bitcoin’s Relative Strength Index (RSI).
#bitcoin The RSI bounces off. BTC is 25% below the ATH level. pic.twitter.com/7mC9oS23Qw
— PlanB (@ 100trillionUSD) April 2, 2022
As a coin telegraph reportThe bullish RSI performance has been accompanied by price pressures over the last few weeks.
Reserve risk indicators remain in the “extra-large” return zone
Meanwhile, during March, one on-chain metric began to provide a stronger buying signal to BTC / USD than ever before.
Reserve riskThis indicates when to invest. guarantee The “oversized” returned over time and remained in the target zone this weekend, more than four weeks later.
While reserve risk shows signs of an upward trend, it has hinted that recent price increases are not the end of the story in a higher time frame.
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