Bitcoin at $85,631 records an intraday recovery of 1.24%. This marks a bullish continuation after a price surge of 1% on Monday.
This week, Bitcoin has created two consecutive bullish candles, surpassing the 200-day EMA line at $85,000. With this new recovery rally, is Bitcoin heading towards the $87,000 level breakout? Let’s find out.
Bitcoin (BTC) Price Analysis
In the daily chart, the BTC price trend has surpassed the local resistance trendline. Furthermore, the V-shaped recovery in Bitcoin starting from the $76,000 mark has concluded the long pullback phase.
Currently, the trendline breakout rally in Bitcoin is facing opposition from the 50-day EMA at $85,500. The bullish struggle continues as buyers struggle for an extended rally to avoid the death cross between the 50- and 200-day EMA lines.
Currently, the BTC holds the ground at the 23.60% Fibonacci level near the $83,000 mark. Furthermore, the pullback of nearly 2% on Sunday, followed by the bullish recovery, highlights a post-retest reversal from the $83,000 level.
As the recovery trend gains momentum, the MACD and signal lines give a positive crossover. Additionally, the new wave of bullish histograms in the momentum indicator reflects a high possibility of a bullish extension.
The uptrend is aiming to challenge the 100-day EMA close to the 38.20% Fibonacci level at $87,673. This stands as the immediate resistance in the Bitcoin price recovery.
In case of a bullish breakout, the uptrend will likely scale to the 50% Fibonacci level near $91,201. On the flip side, the crucial support remains at the $83,000 mark, coinciding with the 20-day EMA line.
Institutional Support Resurfaces For Bitcoin
Days after the 90-day pause in the direct war, the U.S. institutional support is resurfacing for Bitcoin. On April 14, the daily total net inflow of U.S. Bitcoin spot ETFs stood at $1.47 million, while most of the ETFs remained on the sidelines.
The seven-day streak of consecutive outflows ends in Bitcoin spot ETFs. Currently, the Bitcoin ETFs hold a net total of $94.69 billion.
Whales Added Up $467M BTC Yesterday
As per the recent tweet by IntoTheBlock, $467 million worth of Bitcoin was withdrawn from exchanges yesterday. This marks a significant level of accumulation by major investors.
As the accumulation spree begins, the inflated demand for Bitcoin is likely to pump up the market crisis.
