As April approaches, traders are closely watching whether Bitcoin can maintain its current momentum or faces another round of volatility. The leading cryptocurrency is trading at $87,208, marking a 10% increase in the past two weeks.
With the broader market recovering, demand for BTC could increase in April, and its price may gradually recover and potentially retest the $90,000–$95,000 range.
Bitcoin market bottom? Analyst says current levels suggest a rebound.
Bitcoin (BTC) started March with strong upward momentum, rising to $96,484 by March 2. However, as market sentiment turned bearish, profit-taking intensified, leading the leading currency to drop to a four-month low of $76,642 on March 11.
Since then, Bitcoin has seen a recovery driven by a broader market rebound and renewed demand. The currency is now trading within an ascending parallel channel, a pattern indicating a gradual increase in BTC's price as buying momentum intensifies.
In an exclusive interview with BeInCrypto, Julio Moreno, head of research at CryptoQuant, confirmed this bullish outlook.
"There may be a rebound in Bitcoin's price in April as selling pressure from traders eases," said Moreno.
Moreno assessed the realized profit/loss margin for BTC and found that it has steadily declined since the beginning of the year. As this metric falls, the overall profitability of BTC being spent on-chain decreases.
