Technical Analysis of Bitcoin (BTC) – April 29, 2025
The price movement of Bitcoin over the past few days shows a clear consolidation above the main support area at $60,000, reflecting buying strength at this level. In contrast, the currency faces strong resistance in the range of $65,000 - $66,500, which is the area it has failed to break through several times recently.
Technical Indicators:
50-Day Moving Average (MA50): Still moving below the current price, indicating a medium-term upward trend.
Relative Strength Index (RSI): Currently trading around the level of 58, indicating moderate upward momentum without the market reaching overbought conditions.
MACD: Shows a positive crossover, supporting the continuation of the upward trend in the short term.
Potential Scenarios:
Bullish Scenario: A clear breakout above the resistance level at $66,500 could drive the price toward $70,000 as the first target, then to $73,500.
Bearish Scenario: A break below the $60,000 support could open the door for a drop toward $57,000 then to $54,000.
Advice for Traders: It is preferable to wait for confirmation of a breakout above resistance or a break below support before entering new positions, while accurately adjusting stop-loss levels to avoid market volatility.
