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Bitcoin regains yearly open as trader says $50K next week ‘might be likely’

Bitcoin (BTCAfter returning to the form, it was integrated beyond 2022, which opened on April 2, and the Bulls regained $ 47,000.

BTC / USD 1-hour candlestick chart (bitstamp). Source: TradingView

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.”

BTC / USD Annotated Chart. Source: Michaelël van de Poppe / Twitter

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).

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.

Related: “Have a beer” — Terra has already increased $ 165 million from Bitcoin purchases as BTC’s stash approaches Tesla

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.

Bitcoin Reserve Risk Chart. Source: LookIntoBitcoin

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