Bitcoin (BTC) fell to $60,000 on April 10, when the market experienced late volatility, which was in line with analyst expectations.

1-hour BTC/USD candlestick chart (Bitstamp). Source: business perspective
“Bears are expensive”
Cointelegraph Markets Pro and TradingView showed a sudden spike, causing BTC/USD to exit the $50,000 corridor overnight on Friday.

This move has been in development for several weeks-a persuasive attack on the $60,000 resistance is the last attack that has never happened before.

However, it looks different now. At the time of writing, Bitcoin surpassed $61,000 and then consolidated around $60,650.

As the market turned, quantitative analyst Lex Moskovski pointed out on Twitter: “The bitcoin shorts of $163,745,606 were liquidated within one hour.”

“As Bitcoin adapts to different ATHs. Being a bear is expensive.”
For those traders who have spent weeks in the sideways market and sometimes even hit week lows, the above situation is indeed surprising.

Considering the importance of $60,000 as a psychological support for the arrest, the momentum of the recent outbreak should become clear on Saturday, as well as the true level of his endurance.

One notable change is the exchange rate of the stock exchange, which has fallen sharply in the past few days, reducing friction to $60,000 and above, and then rising as the market rises.

There is no sign that the market has reached its peak
However, some people this week called for optimism about market construction. Filbfilb, the co-founder of Decentrader’s trading suite, is one of them. He said that the $58,000 Bitcoin technically has a lot in common with the $20,000 Bitcoin.

He told his followers on Friday: “I am still very bullish at 58,000. The structure is like 20,000 IMO; in terms of order flow and depth, many other market nuances are similar.” Telegram trading channel.

The day before, Decentrader’s peer analyst Philip Swift also expressed a similar trend, using the upcoming crossover of the two main moving averages to imply that BTC/USD should continue.

These are respectively the average of 111 days and 350 days, the latter is twice the original, collectively called the pi cycle.

“My current short-term market outlook for Bitcoin is neutrally bullish, so I personally think that if the moving averages of the cycle pi indicator intersect, it is very likely that it will not become the peak of the Bitcoin market cycle. Within a few days. Swift wrote in the market dynamics.

“Other indicators and fundamentals indicate that we have not yet reached the end of the market cycle.”
Others agree, but be cautious, including statistician Willy Woo, who warned on Friday that Bitcoin may complete the first step of a “double cap” price increase.

He concluded: “Volatilities have been significantly reduced during this cycle.” He added that the $1 trillion market capitalization level (equivalent to a Bitcoin price of approximately $53,600) will be “unlikely” “to be broken again after the issuance.” .

Source: CoinTelegraph