Bitcoin Price Analysis: BTC Retreats After Failing To $58,500
Daily Bitcoin BTC Price Forecast
- Breaking above immediate resistance will take Bitcoin Price to $60,000.
- BTC has a good support wall at $56,500.
Between April 26 and April 30, the Bitcoin price jumped by ~$8,600 from $49,000 to $57,600. During this upward surge, BTC managed to flip both the 20-day and 50-day SMAs from resistance to support. However, BTC has failed to break past the $58,500 resistance.
The Bitcoin Price Retreats After Encountering Resistance At $58,500
The latest Bitcoin price surge has been hindered by the $58,500 resistance after which it dropped to $56,800. The overall sentiment for BTC is positive as per these two signs.
- The MACD shows increasing bullish market momentum.
- The parabolic SAR has reversed from negative to positive.
Image: BTC/USD daily
Bitcoin price faces a massive resistance barrier at the confluence of the 20-day and 50-day SMAs ($56,500), wherein nearly 1.77 million addresses had purchased almost 860,000 BTC tokens.
Bitcoin Building Large Capital Base
William Clemente III shared the above image along with this insight:
“Back above the 1 trillion $ threshold, #Bitcoin is building up the largest base of capital at these price levels since $6K-$11K. Each bull-market forms a base of capital 2-3X above previous ATH, marking "the point of no return." Would eye this as the next bear market floor.
2015 bottom: $160
2018 bottom: $3,100
$3,100 / $160 = 19.375
$3,100 x 19.375 = $60,062... Coincidence? I think not.”
Bitcoin Price FUD On The Rise
Santiment shared the following tweet to show increasing Bitcoin FUD:
“With #Bitcoin bouncing back hard above $58.4k, traders are once again not believing the hype. Our sentiment data indicates commentary is more negative than usual despite $BTC's highest price level since April 17th, ironically fueling prices higher.”
Long-term Bitcoin Investors Holding On
Glassnode shared the above image to show that long-term investors are holding on to their coins:
“CDD-90 quantifies the amount of Coin Days Destroyed over the past three months. After an initial increase towards the beginning of the year, it has reset back close to baseline levels – indicating increased hodling from long-term investors.”
Bitcoin Price Is Expected To Reach These Levels
The Bitcoin price will need to cross over the $58,500 resistance barrier to break past the $60,000 psychological level.