Bitcoin (BTC) consolidated above the 2022 yearly open on April 2 after a return to form briefly saw the bulls reclaim the $47,000 level.
BTC price has “crucial” long-term support
Data from Cointelegraph Markets Pro and TradingView showed the BTC/USD pair hovering around $46,600 on Saturday thanks to a clear bounce off long-term support.
The pair had fallen to lows around $44,300 on Friday, however these were short-lived as positive sentiment took over at the open on Wall Street.
For Cointelegraph contributor Michaël van de Poppe, intent on retaining the newly invested confirmed support, the odds of a attack towards the $50,000 level were high.
“Crucial area held for Bitcoin, where a continuation to the upside seems likely”, summarized to Twitter followers that day.
“If we revisit the $45,000 range, I think that is a sign of weakness and we will go to the $40,000 area. If we don’t, then it is likely to go to $50,000 next week.”
Meanwhile, PlanB, the analyst behind popular stock-to-flow-based Bitcoin price models, noted continued strength in Bitcoin’s Relative Strength Index (RSI).
#bitcoin RSI bouncing back up. BTC 25% below ATH levels. pic.twitter.com/7mC9oS23Qw
— PlanB (@100trillionUSD) April 2, 2022
Bitcoin RSI bouncing again. BTC 25% below historical peak levels.
As Cointelegraph reported, bullish RSI performance had accompanied price squeezes throughout recent weeks.
Reserve risk metric remains in the “outsized” returns zone
Meanwhile, over the course of March, an on-chain metric began generating increasingly strong buy signals for the BTC/USD pair.
Reserve Risk or reserve risk, which offers an indication of when to invest to guarantee “outsized” returns over time, remained in its target zone this weekend after more than four weeks.
While showing signs of a bullish trend, Reserve Risk hinted that recent price increases were not the end of the story on higher timeframes.
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