April – Bitcoin Market Analysis

16 April, 2021

Bitcoin dropped roughly 3% after the White House expanded sanctions in response to Russian cyberattacks. US president Biden seriously criticized Russia for using crypto to executive the sanctions at the conference. It caused investors to be worried about the possible strain from government supervision. Therefore, bitcoin’s price might retest support force between $60K to $61K on the weekend as the bullish sentiment has been affected.

15 April, 2021

According to the report, the major U.S. asset manager, Grayscale, has just surpassed $50 billion in cryptocurrency assets under management. The size of Grayscale is closer to the largest commodity ETF, which manages over $57 billion. Grayscale’s Bitcoin Trust has held over 650,000 BTC in total already. The growing cap shows institutional investors’ positive expectation for digital assets. Therefore, Bitcoin’s price is still on the bull run trace for the long term.

14 April, 2021

Bitcoin has surged to new record highs ahead of the major U.S. exchange Coinbase’s April 14 direct listing on the Nasdaq. This new sector draws the whole traditional security market’s attention and attracts more bulls to get into the crypto markets. Furthermore, the price of Bitcoin sustains above the $63,000 barrier, as can be seen in the 4H chart. Therefore, It is expected that Bitcoin’s bull run is ongoing, and $68,000 will be the next target price.

13 April, 2021

According to the news, the latest company to join the BTC market is TIME Magazine. The company has agreed to accept Bitcoin as a payment method and hold BTC on its balance sheet. Bitcoin adoption is surging, and there are more and more companies showing their interest in the crypto industry. Due to this reaction, the FOMO investors are driving the bullish trend. The bulls are ready to break through the last barrier, the all-time high at $61,874. Therefore, we expect it might hit $65000 in the next few days.

12 April, 2021

Bitcoin soared above the $61,000 overhead resistance on April 12 and reached $61,204, just short of the all-time high at $61,874. With the trend of the increased interest in the market coming from large institutions in the mainstream financial industry. The extreme institutions’ demand has recently been the main driver on the buyer side. Bitcoin could soon create a new all-time high as the institutional demand remains high. Touching $65k is possible to occur this week.

09 April, 2021

The BTC has found its key support level above $55K for the short term during the past week. Despite the price of Bitcoin swinging relatively quiet as compared to other altcoins, the bullish sentiment gets stronger as the tether deposits keep growing among the crypto exchanges. We expect that an increased deposit indicates more sidelined funds for buying Bitcoin, which is a bullish sign for the coming future.    

08 April, 2021

The price of Bitcoin is moving sideways during the past week and is trading between $55K-60K. However, it seems to attract more bulls to get into the crypto markets as the overall cryptocurrency market cap now stands at $1.90 trillion and Bitcoin’s dominance rate is 55.6%. It will be a long-term bullish sign for the market including Bitcoin, the top cryptocurrency, as the market cap will grow all together.       

7 April, 2021

The BTC is stuck inside a large range between $57,000 and $60,000 in recent days. However, the current pullback could find support at the 20-day EMA ($57,000), which has slowly started to turn up. Furthermore, the “fear and greed” indicator has continuously improved over the past five weeks. The optimistic sentiment on Bitcoin remains strong. Therefore, we expect if BTC rebounds off this level, the bulls might try to push the price above the overhead zone again.

1 April, 2021

The market cap of Bitcoin is roughly around $1.1 trillion as compared to the total market capitalization of gold at roughly $10.7 trillion. Bitcoin as the digital gold has reached nearly 10% in the total value of gold. The possibility of Bitcoin’s market capitalization surpasses gold has been argued among the analysts. We don’t know the future yet but it seems that Bitcoin is on the inevitable path to reach gold’s market cap.    

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