As Bitcoin’s upward trend in April continues, the latest charts show that pressure is starting to build on the price. Although the leading cryptocurrency continues to move within a rising channel on Binance’s 4-hour chart, technical indicators indicate that the movement has lost its strength. These developments may pose short-term risks for traders and those who closely follow price movements in the crypto market.
There is a risk at support, RSI gives warning
BTC/USDT has moved within an ascending channel since early April, reaching both new highs and higher lows. Bitcoin gained strength from the level of $ 68,000 at the beginning of the month and rose to the range of $ 78,000-79,000 in the following days.
According to the analysis of Ted Pillows, who shared the charts, the weakening in the RSI indicator is noteworthy as the price moves upwards. The lower highs made by the RSI suggest that buyers have lost some strength and the bullish momentum has weakened even though the price is rising. In technical analysis, this situation is called bear divergence and generally indicates the possibility of a short-term correction.
Currently, the lower line of the ascending channel is the main support. As long as Bitcoin holds above this level, the short-term positive structure is not considered broken. However, if the support line of $77,000–$78,000 breaks below, the current correction may deepen and push the price first to $76,000 and then to $74,000.
Conversely, if the price rises above the last local peak of $79,000, the rise may gain momentum. While such a move is expected to move to the upper region of the channel, the $ 80,000-81,000 band stands out as the first major resistance area.
“Although Bitcoin’s structure is still pointing up, the divergence in the RSI indicates that the impetus behind the recent rally has weakened. Therefore, for the April rally to continue, the price must either make a strong attack or receive a clear reaction from the main support.”
Liquidity map highlights $85,000
Another important sign of the market appears on Bitcoin’s liquidity map. According to Daan Crypto Trades’ analysis based on CoinGlass data, there is no significant liquidity wall just above the current price until around the $85,000 level.
According to CoinGlass data, Bitcoin recovered from the $ 60,000-65,000 range between the beginning of the year and the end of April and climbed to the level of $ 78,000-80,000. In the region just above the price, the largest liquidity cluster is clearly located at $85,000. This area stands out as a resistance that occurs due to leveraged positions and creates a gravitational field in case the price rises.
Just below the current price range, there are smaller liquidity zones that have formed with Bitcoin’s rise. However, below, a new large pocket of liquidity is seen near $65,000. This structure means that the price may not encounter resistance up to $ 85,000 in an upward movement, while important supports are concentrated in the $ 65,000 band below.
The aforementioned liquidity maps offer important clues as to which price levels Bitcoin may see more volatility and volume in the near term. But this table alone does not determine the direction precisely; As the density of leveraged positions in the market increases, sudden movements may accelerate.
