Bitcoin staged an impressive recovery this week, surging over 7% and signaling strong accumulation at lower levels. On April 12, BTC decisively broke above the key resistance trendline, suggesting that the recent correction could be nearing its end. While bears may attempt to drag the price back below the 20-day Exponential Moving Average (currently around $82,885), bulls seem prepared to defend this level aggressively. A successful retest and bounce off the 20-day EMA would strengthen the case for renewed upward momentum, potentially setting the stage for the next leg of the rally.
At the time of writing, BTC was trading at $84,682.
BTC witnessed a sharp correction after making the all-time high of $109,588. The price fell almost 32% and made a recent low of $74,508. BTC formed a ‘Spinning Top’ near the support level of $73,500, and the prices bounced up to $86,100. Currently, the asset is facing resistance at the downsloping trendline. Once it gives a breakout above the trendline and $90,000, we can expect the bulls to resume the up move.
Key Levels:
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2. |
| $73,500 | $80,000 | BTC | $90,000 | $105,000 |
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