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On April 10th, the Bitcoin price ended a three-week consolidation phase on a bullish note after a breakout of $28800 resistance. This breakout suggests the BTC price escapes market uncertainty and revives the recovery sentiment across the crypto market. Moreover, the coin price also surpasses the 0.238 Fibonacci retracement level indicating further growth potential is plausible.
Key Points
- A bullish breakout from $28800 releases the build-up of bullish momentum in Bitcoin’s consolidation phase
- With sustained buying the BTC price may reach its first target of $31880
- The intraday trading volume in Bitcoin is $36.2 Billion, indicating a 26.2% loss
Source-Tradingview
Under the influence of an inverted bullish pattern, the BTC price breached the $25000 psychological barrier on March 16th. This breakout for completing the bullish reversal pattern has ideally set the Bitcoin market value to reach $35000 market.
However, with increasing uncertainty in the market, the coin price consolidated for the last three weeks between the $28800-$26600 level, accessing the buyer’s sustainability at higher levels. Furthermore, a bullish breakout from the $28800 range resistance and 0.283 FIB, signals the replenished bullish momentum and pushed the Bitcoin price above the $30000 psychological mark.
However, the coin price may offer an entry opportunity by retesting breached resistance of $28800 before continuing its upward march.
Despite the aforementioned target of $35000, the potential rally may face significant resistance at $31880 and $34400.
Technical Indicator
RSI: The daily RSI slope yet to surpass its last swing high reflects a slight weakness in bullish momentum and thus a sustainability retest to the $28800 could offer suitable confirmation.
EMAs: the rising 20-day EMA slope acts as dynamics support assisting buyers to maintain a longer recovery.
Bitcoin Price Intraday Levels
- Spot rate: $30100
- Trend: Bullish
- Volatility: Low
- Resistance levels- $31800 and $34400
- Support levels- $28800 and $26600
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