Bitcoin’s Battle of Bulls and Bears

Bitcoin (BTCUSD), the pioneering cryptocurrency, finds itself in a pivotal moment as it contends with recent market dynamics. Despite its remarkable ascent, Bitcoin’s price has plateaued below its record high, displaying a notable lack of upward momentum for four consecutive weeks. However, amidst this stagnation, a slight rebound of 1.82% this week hints at a potential resurgence. 

Recent U.S. economic data, particularly robust Nonfarm Payrolls and an uptick in March inflation to 3.5%, above expectations, have heightened market uncertainties. These developments challenged the position of risk assets, including Bitcoin, prompting a reassessment of rate cut probabilities, now pushed further out to September from initial expectations for June. 

As Bitcoin navigates these shifting landscapes, the question looms: can it sustain resilience and forge new peaks, or has it already reached its zenith? Traders keenly watch for signals of Bitcoin’s future trajectory amidst evolving economic conditions and market sentiment. 


Bitcoin’s recent price action reflects a notable shift in sentiment favouring the downside, evidenced by a breakout below an ascending channel pattern and a breach below the 100-day moving average. The selloff, triggered from the 72777.00 level amid overbought RSI conditions, led to a breakdown below the channel. However, at the 67463.07 level, bullish sentiment surrounding the cryptocurrency offered support, leading to a rebound. 

Currently, Bitcoin has retraced to the 61.80% Fibonacci Retracement Golden Ratio, serving as an intermediate resistance level. Should selling pressures intensify, a downturn could lead to a retest of the 67463.07 support level. Conversely, a breakout above the Golden Ratio on high volumes could indicate renewed upside interest, potentially targeting the 72777.00 resistance level. 


Bitcoin faces a pivotal moment as it grapples with market uncertainties and technical challenges. The cryptocurrency’s resilience is tested as it hovers below record highs, with attention on key levels like the 61.80% Fibonacci Retracement and the 72777.00 resistance level to gauge its future direction amidst evolving market dynamics. 

Sources: Reuters, TradingView 

Piece Written By Nkosilathi Dube, Trive Financial Market Analyst 

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