Bitcoin closed above $84,000

Bitcoin closed above $84,000 on April 16th, indicating that buyers had successfully formed a higher low at around the $83,000 level.

The crypto market continues to be influenced by the trade war between the US and China, making it challenging for Bitcoin to break through major resistance levels. Despite this, buyers managed to form a higher low at around the $83,000 level, as highlighted in the previous analysis.

As the war persists, many market watchers anticipate investors to shift their focus to safe haven assets like Bitcoin or Gold.

Gold has emerged as the biggest beneficiary, with Bank of America reporting on Tuesday that Gold ETFs had processed over $50 billion in inflows since Trump announced tariffs. In contrast, Bitcoin spot exchange-traded funds have only handled inflows of $150 million since the beginning of the month, according to data from CoinShares.

However, some analysts are highlighting the strong gains in Gold, arguing that Bitcoin usually surges sharply in the aftermath of Gold reversing from its all-time highs. They anticipate a similar scenario in the coming months, predicting a BTC rally to $140,000 before the end of the year.

Chart Analysis

Can the bulls sustain momentum to push Bitcoin higher? If so, which major resistance areas should we watch? Let’s explore the price charts to get answers.

Bitcoin Price Today: BTC trades above 200-day MA

Bitcoin touched $87,600 on Wednesday, testing the 200-day Simple Moving Average, before pulling back to $84,083 by press time.

The 20-day Exponential Moving Average of $83,157 continues to hold, indicating a higher probability of a price surge than a plunge.

Additionally, the Relative Strength Index (59.56) has entered positive territory, slowly reducing the advantage of the bears.

If BTC rises further and crosses $87,600, it will improve the prospects of a continued recovery rally, with the bulls eyeing the $95,390 resistance and even $100k.

Conversely, if $83,157 gets violated, the advantage could fully shift to the bears’ side. In that case, Bitcoin could see its price drop to $78,400 and subsequently to $73,789.