Bitcoin (BTC) eyed new April highs at the April 15 Wall Street open amid skepticism over BTC price strength.
BTC/USD 1-hour chart. Source: Cointelegraph/TradingView
Bitcoin price faces multiple resistance hurdles
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD seeking to break through $86,000.
Continued strength through the weekend had set up the pair for an attack on levels closer to $90,000, these absent since early March.
Concerns over macroeconomic volatility, with the US trade war at its center, nonetheless kept market participants from calling an end to the Bitcoin bull market correction.
“It’s funny watching sentiment shift so quickly – just days ago everyone was calling for 50k, now they’re rushing to flip bullish at the first green candle. This emotional rollercoaster is exactly why most traders lose money,” trading resource Stockmoney Lizards wrote in part of its latest analysis on X.
“While short-term momentum appears bullish, we still face multiple resistance hurdles before confirming the correction is complete.”
BTC/USDT perpetual contract 2-day chart. Source: Stockmoney Lizards/X
Stockmoney Lizards saw rangebound BTC price action continuing prior to a retest of the most significant longer-term resistance nearer $100,000.
“My outlook remains cautiously optimistic – expect continued ranging between 78-88k for several weeks as Bitcoin builds energy for its next move,” they forecast.
“Once we clear the 97k zone, the path to 110k+ becomes much more viable by late summer.”
Brandt: BTC trendline break is not “transition of trend”
A key topic of conversation among traders was a BTC price breakthrough attempt focusing on a multimonth downward trend line.
Related: Can 3-month Bitcoin RSI highs counter bearish BTC price ‘seasonality?’
As Cointelegraph reported, this has been in place since BTC/USD set its current all-time highs in January. Now, its status as resistance appears to be waning.
It didn’t break a multimonth downtrend just for $86K, it wants to challenge for a higher high near the 200 MA,” popular trader SuperBro summarized in part of a recent X update.
SuperBro referred to the 200-day simple moving average (SMA), a classic bull market support trend line, currently at $87,566.
“If the HH is successful, which is likely imo, then it can retrace for a HL anywhere above the low before it runs for the wedge target above $100K,” he added.
BTC/USD 1-day chart. Source: SuperBro/X
Not everyone, however, was convinced that breaking the downtrend would mark a watershed moment for Bitcoin bulls.
For veteran trader Peter Brandt, nothing could be gained from observing price behavior around the trend line.
“Of all chart construction, trendlines are the LEAST significant,” he told X followers on the day.
“A trendline violation does NOT signify a transition of trend $BTC.”
BTC/USD 1-day chart. Source: Peter Brandt/X
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.