Bitcoin Technical Analysis: BTC Has A Bullish Sessions After Five Straight Bearish Sessions
Daily Bitcoin BTC Price Analysis
- The Bitcoin price jumped by >$4,000 over this Monday.
- The nearest resistance level lies at $56,500 which sees a confluence of the 20-day and 50-day SMAs.
Between April 16 to April 25, the Bitcoin price has crashed from $63,350 to $49,150 – losing almost $14,000 in its overall valuation. During this downward plunge, BTC managed to flip the 20-day and 50-day SMAs from support to resistance. In fact, between April 21 and April 25, BTC managed to have five consecutive bearish days, before the buyers took back control this Monday.
The Bitcoin Price Faces Immediate Resistance At $56,500
This Monday, the Bitcoin price managed to rise from $49,150 to $53,200 – gaining almost $4,000 in its overall valuation. Despite this bullish surge, the overall sentiment of the BTC market remains negative due to the following signals:
- The MACD shows sustained bearish market momentum.
- The 50-day SMA has crossed over the 20-day SMA to form a bearish cross.
- The Parabolic SAR shows that the current market sentiment is negative.
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 1.5 million addresses had purchased 668,000 BTC tokens.
Bitcoin Price Transaction Fees Reaches New ATH
Bitcoin’s on-chain transfer volume and average transaction fees hit new all time highs, eclipsing the peaks set in December 2017. Network congestion pushed the average USD denominated transaction fee to a new high of $54.40 this week.
Bitcoin Active Addresses Drops Below 1 Million
In a response to the high on-chain transaction fees, the number of daily active addresses declined from the typical range of 1.0M to 1.2M seen throughout this bull market to approximately 980k addresses.
Bitcoin Price Is Expected To Reach These Levels
The buyers will need to overcome the $57,000 resistance barrier to push BTC into the $60,000 psychological level.