Bitcoin (BTC) hits six-week highs as US trade war tensions embolden crypto bulls

Bitcoin (BTC) hit six-week highs on April 22 as US trade war tensions emboldened crypto bulls.

Bitcoin (BTC) hit six-week highs on April 22 as US trade war tensions emboldened crypto bulls.

BTC/USD set a 200-day simple moving average

Data from Cointelegraph Markets Pro and TradingView showed the BTC/USD pair trading above $91,000 following the Wall Street open.

Such levels had not been seen since March 7, as Bitcoin and gold benefited from increasing market nerves over how China, Japan and others would respond to US trade tariffs.

XAU/USD set new all-time highs on the day, while BTC/USD faced a key bull market support trend line that has been acting as resistance since early March.

For traders, the 200-day simple moving average (SMA) at $88,370 thus became the level to flip back to support on daily timeframes.

“Closing in on the big $90K-$91K horizontal area which acted as the previous range low,” popular trader Daan Crypto Trades wrote in part of ongoing analysis on X.

An accompanying chart showed the need to crack the area around $93,000 — Bitcoin’s yearly open — to confirm the moving average reclaim.

Continuing, Keith Alan, co-founder of trading resource Material Indicators, had similar views.

“If history has taught us anything, it's important to watch for fake outs and confirmations. We got the 200-week MA and FIB level at 88400 and it flipped. Expect a move to the 90s now,” he noted.

BTC price rebound skepticism remains

Fellow trader Roman, meanwhile, was among those staying cautious on the validity of a short-term BTC price swing.

“Price now retesting prior support as resistance for now. A breakout above 93k would be great for bulls, however, I’m unsure if we get it. As we can see on the weekly chart, we're still in a large time bear market. Expect some strong selling pressure at 98k (98888). We'll see if bulls can overcome this pressure to continue the bull market cycle or if bears manage to take over again to lower prices towards the 200-week MA once more,” he told X followers.

Also unsure that the move would last was popular analytics resource Ecoinometrics, which acknowledged that Bitcoin lost out when the Nasdaq 100 index was sliding and ultimately closed the day in negative territory.

“Bitcoin is climbing. The NASDAQ is sliding. That kind of divergence doesn’t usually last. But then again, nothing about this market cycle has been normal,” it summarized on the day.