Yesterday's drop in Bitcoin to $ 5800 was preceded by increased pressure from buyers. As a result, today the bulls are trying to provide reliable support levels for BTC in the middle of the 6,000th price range:
Another confident defense of levels below $ 6000 can be considered a bullish signal, however, according to some analysts, the situation on the leading cryptocurrency market remains bearish. Today's closing of the March auction may be bullish, but for this, buyers need to keep the course above $ 6425.
Bitcoin has risen in price by 10%
Currently, Bitcoin is trading at $ 6,450, which is 10% higher than recent lows around $ 5,800 reached on March 30.
Well-known analyst Scott Melker emphasized:
A friendly reminder that Bitcoin is simply trading sideways.
Bulls actively protect levels below $ 6000. After overcoming this psychological mark on March 19, any corrections of the leading cryptocurrency below $ 6,000 were short-lived. As a result, an impulse has formed that can contribute to a stronger recovery of the BTC rate in April-May 2020.
According to one of the analysts, the ability of buyers to keep the course above $ 6425 is of paramount importance for the short-term prospects of Bitcoin. Tonight, a CryptoBirb trader wrote on his Twitter:
A monthly BTC close above $ 6425 would be a good bullish signal. It is necessary to break through this symmetrical triangle, reflecting consolidation.
The analyst added that at the moment, the safest trading strategy is scalping when re-testing important levels after an upward or downward breakdown.
Even if the monthly candle closes above $ 6425, the situation in the main cryptocurrency market will remain moderately bearish. At the moment, traders do not find strong bullish signs of a trend reversal, while at almost every higher price level, buyers will encounter strong resistance from sellers.
A crypto analyst at Bitcoin Jack said that only a close of $ 6,530 and above would "strengthen his bullish sentiment":
The trader also urges you to pay attention to the 3-month BTC chart, which looks "completely wild":
