BTCUSD Market Analysis – April 25
Bitcoin (BTCUSD) has resumed its bullish trajectory following a full reversal of the recent short-term bearish correction.
Bitcoin (BTCUSD) Key Levels
Support Levels: $81300.00, $71950.00
Resistance Levels: $94400.30, $110800.00
Bitcoin Long-Term Trend: Bullish
The broader bullish momentum can be traced back to early August 2024, when the Daily Relative Strength Index (RSI) signaled an oversold condition. This indication triggered a strong upward movement, aligning with the overall bullish market structure as price steadily climbed.
By early November 2024, BTCUSD reached an overbought condition on the daily RSI, which coincided with a temporary bearish correction. This retracement, however, was short-lived. Recent price action reveals that the daily RSI once again signaled an oversold environment, prompting a renewed bullish rally. This marks a significant bullish break of structure, reinforcing the long-term uptrend.
Importantly, Bitcoin has now broken above the key $94,400.00 supply level. While this breakout confirms continued bullish sentiment, the current proximity of the RSI to the overbought region suggests that a retracement may be imminent. A short-term pullback is likely before the bullish momentum resumes.
BTCUSD Medium-Term Trend: Bullish
On the medium-term (4-hour) chart, BTCUSD remains bullish, supported by the larger time frame bullish reversal and the consistent formation of bullish candlesticks. However, the 4-hour RSI now indicates that price is deeply overbought in a potential Bearish crypto signal, which increases the probability of a short-term bearish correction.
This potential pullback is not a reversal of the broader trend but rather a healthy retracement, likely aiming to retest a previously formed daily order block. Such a move would offer a favorable setup for renewed buying interest and continuation of the prevailing bullish trend.
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