By NoriFtm – Binance Square Write to Earn

As April draws to a close, Bitcoin’s monthly chart is sending key signals that could shape its trajectory in May. Here’s a breakdown of the current setup:

Liquidity Grab (BSL) Confirmed

Bitcoin’s price briefly dipped below March’s low (~$85,958) before sharply reversing, leaving a pronounced lower wick on the monthly candle. This move suggests a liquidity sweep—stop-loss hunting beneath prior lows—followed by strong buying interest. If April closes above March’s low, it reinforces bullish intent.

Candle Structure

April’s candle is shaping up as a bullish pin bar, characterized by a long lower wick and a smaller body. A close above $94,500 would indicate that buyers absorbed heavy selling pressure between $85K–$92K, signaling accumulation and a possible trend reversal.

Technical Indicators

RSI (6): Currently at 65.35, holding in bullish territory with no signs of bearish divergence.

Stochastic RSI: Turning upward from oversold levels, hinting at an early shift toward positive momentum.

Volume Analysis

April’s volume is slightly lower than March’s, but importantly, it lacks the high volume typically associated with breakdowns or capitulation. This supports a view of consolidation or absorption, rather than panic selling.

Outlook for May

Scenario 1: Bullish Continuation (More Likely if April Closes Strong)

A monthly close above $94K increases the probability of a continued rally.

Key upside targets for May:

First resistance: ~$99.3K (March high)

Second resistance: ~$105K–$109.5K (all-time high zone)

Scenario 2: Rejection and Pullback (Less Likely if April Closes Strong)

If April closes below $92K, downside risks increase.

May could retest support at $85K, with a possible drop toward $72K if selling accelerates.

A monthly close above $94K would favor a bullish bias heading into May. Watch for a breakout above $95.5K–$96K in early May as a potential trigger for long positions targeting $99K+.

As a Binance Square Write to Earn creator, I’ll continue monitoring these key levels and sharing actionable updates for traders and investors navigating the crypto markets. Follow me for more insights and strategies!

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