Kaifixed

Greetings and welcome, dear readers. In this opportunity, we will be talking about the price action of bitcoin, the main asset associated with cryptocurrencies and how it has been responding to the demands of society in terms of the global economy.

In this sense, in terms of fundamental and technical analysis, we can find a wide variety of information about the short-term behavior of the price. So, at the beginning of April, BTC remained above 25k, generating sensations that lead us to think about a new bull run. However, it is important to evaluate and take the necessary steps to understand how price action works in the cryptocurrency market.

At this point, we can observe on weekly charts a strong dispute between bearish investors defending the 28 to 30k zone and bulls looking to break it, and if this happens, we would be witnessing a considerable rise that, in my opinion, would generate a bunch of liquidations that would obviously end up driving the price a bit higher.

If we go into context, this rise or stability above 28k is nothing more than a process of manipulation on the price, a consequence of large investors, if we add to this the halving period, we can realize that the area where we are represents a major obstacle for investors who bet on the upside, as we can see in the following chart:

tradingview

If we are detailed, we can observe that bitcoin has been stabilizing below the major resistance of the last two years or more. This is why I assume that if it manages to break it without forces, it will generate a large number of liquidations that will undoubtedly leave many investors in check.

Consequently, at the technical analysis level, we can observe that the price has a clear direction but without enough strength to execute it, which leads me to think that the bullish rally may be stopped at a point where the resistance is getting stronger. Therefore, at the weekly chart level, it would not be strange a fall that takes us hard to the support generated around 24k, which we would be testing in terms of continuing to fall or stabilize to start again a rise.

In the best case scenario and thinking as bullish, I would expect bitcoin to start to lateralize and move to around $28,000, playing with the resistance so that it can capture as much capital as possible to be able to forcefully break that resistance. Once broken, it would return as a form of support and at that point it would start its new bull run.

Although we must be clear that these are only speculations and that the price moves according to factors such as news and speculation, and at this point, these are variables that few of us are able to control. Therefore, the best thing to do is to evaluate and follow the price behavior and make decisions accordingly.

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