Bitcoin’s Rollercoaster: Will It Soar or Crash? 🎢💰

Ah, Bitcoin! The ever-elusive creature of the digital realm, once again flirting with the key resistance levels, as if it were a shy suitor at a ball. After a rather dramatic plunge in March, reminiscent of a tragic play, it now shows a semblance of resilience. Yet, the specter of danger looms, like a persistent mosquito at a summer picnic. Here, dear reader, is a fresh dissection of our beloved BTC, using the daily chart, the 4-hour trendline, and the miner reserve metric—because who doesn’t love a good metric?

Technical Analysis

By Edris Derakhshi

The Daily Chart

On this daily canvas, our dear BTC finds itself precariously perched just below the 200-day moving average, a lofty $88K, after a mid-March dip that could make even the most stoic investor weep. The price action is caught in a rather uncomfortable embrace between the $80K support and the 200-day moving average, forming a compression range that would make a boa constrictor proud.

The RSI, that fickle friend, hovers near the neutral 50 level, signaling a state of indecision akin to a man contemplating whether to order the fish or the chicken. While the recent bounce is a glimmer of hope, buyers must muster the courage to breach the $88K barrier to shift the structure back to bullish. Until then, the price remains as vulnerable as a cat in a room full of rocking chairs.

The 4-Hour Chart

In the 4-hour realm, BTC has broken free from a well-defined descending trendline, which had acted as a dynamic resistance for over a month—like a stubborn child refusing to eat their vegetables. This breakout has garnered multiple confirmations, with the price now consolidating just above the trendline, as if it were taking a well-deserved rest.

However, momentum has cooled slightly, as reflected in the RSI flattening, but the higher-low structure remains intact, like a well-constructed house of cards. A sustained move above the $86K–$88K range could trigger an acceleration towards the $92K resistance level, while any drop back below $83K could reintroduce downside pressure toward the $80K support zone—oh, the drama!

On-Chain Analysis

By Edris Derakhshi

Exchange Reserve

Bitcoin miner reserves are on a steady decline, now at their lowest level in years, suggesting a consistent distribution that reflects profit-taking behavior—especially during those exhilarating rallies. It’s as if the miners are saying, “Why hold onto this when I can cash out and buy a yacht?”

While declining miner reserves can reduce long-term sell pressure if BTC is sold slowly, sharp drops in reserves, especially during local price peaks, can mark distribution phases. For now, the trend indicates miners aren’t hoarding, so buyers must rely more on spot-driven demand and institutional accumulation to keep the momentum alive. Yet, a reversal in this trend could add fuel to any upside breakout—because who doesn’t love a good plot twist?

2025-04-17 17:22

Technical Analysis

The Daily Chart

The 4-Hour Chart

On-Chain Analysis

Exchange Reserve

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