Bitcoin Technical Analysis Report | 10th-April-2023

BTC’s tight range suggests an eventual breakout and altcoins like ADA, XLM, and AAVE may follow. The long weekend has not produced any fireworks in the price of Bitcoin, which continues to trade in an ever-narrowing range. Bitcoin is forming a pattern which suggests that Bitcoin bulls and bears are unclear about the next directional move. Bitcoin’s failure to break above $30,000 has seen multiple altcoins post profits, but some have seen flat pullbacks. This might mean that traders are holding onto their positions and waiting for an upward move. The asset’s volume is up by almost 30% while the dominance is at 46.22%.

At the time of writing, BTC was trading at $28,265.

Bitcoin Chart | 10th April 2023
Bitcoin (BTC) Chart

BITCOIN  after rallying almost by 49% from the recent low of $19,549 up to $29,184 has been consolidating and trading sideways in a range from $26,500 to $28,500 with very low volumes. The bulls are struggling to keep the prices above the key resistance level of $28,500. Once the asset gives a daily close and sustains above the resistance, we can expect the prices to surge up to $32,500 levels. BTC has strong support at $25,250.

Key Levels:

Support 2Support 1AssetResistance 1Resistance 2.

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