Bitcoin confirms once again that it can be a core component in investment portfolios, including governmental ones. The state of Arizona passes a law allowing it to invest up to 10% of its funds in Bitcoin, which is a historic precedent. The current price is $94,662.
Frame analysis
The monthly frame shows a strong overall bullish trend; opened in March around $82,500 and ended April close to $94,300 (≈14% growth). RSI is around 65, far from overbought, and the price is above the 10-day and 20-day monthly moving averages. Maintaining support at $75,000–$80,000 is essential.
Weekly frame: Moderately bullish; broke through $93k and reached $95,600. MACD has made a bullish crossover, and RSI is around 60. The price is above the 20-week moving average, with initial support around $92–93k.
Daily frame: Sideways bullish between primary resistance around $93k and secondary resistance around $95k. The price is around $94,345, up 0.3% over 24 hours. RSI is at 55 and MACD is positive but taking a breather. The price is above the 50-day moving average (around $93.5k), with support around $93k.
4-hour frame: Short-term bullish; forming Higher Highs & Higher Lows. RSI is around 60. The 50-day moving average is close to making a Golden Cross with the 200-day moving average. Immediate resistance around $95k and support at around $94k.
1-hour frame: Minor correction within the rise; the price is around the 20-day moving average (around $94.2k). RSI is around 50, renewing momentum. Critical point: Closing above $94.5–$95k will open the way for testing $96–$97k.
My expectations and work strategy
A second test of $95,000; if it closes daily above it, our first target will be $96,000 to $98,000, but support at $92,000 must hold, otherwise it could correct to $88,000–$90,000.
Hedging
A portion for long-term investment and another for short-term opportunities. Set clear stop-loss orders; if available, use simple derivatives to hedge losses and maintain enough liquidity to take advantage of any downward opportunities.
Bitcoin is still in a rising channel in the medium and long term, with momentum indicators supporting it. The important resistances are close to breaking, and if it strongly breaks through $95,000, it will head upwards. However, we must focus on technical confirmations and manage our risks wisely. This is just analysis and opinion, not financial advice.
