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Bitcoin Gains But Snaps Back To Boring Range below $74,000

Bitcoin is grinding higher, looking at price action in the daily chart. After a relatively inactive weekend, bulls appear to be flowing back. Still, the liquidation level at $68,000 remains unconquered despite an encouraging trickle of demand. So far, buyers are watching at whether gains of April 22 will be confirmed. Any uptick toward the immediate liquidation zone must be with rising volume, invalidating the current bear formation.

At spot rates, Bitcoin is stable on the past day and week. However, what’s interesting is the emergence of traders. From trackers, the average trading volume in the past 24 hours stands at over $24 billion.

Bitcoin Daily Chart for April 23

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Possible catalysts for the next leg up will be from the following Bitcoin news:

  • Analysts think BTC is grossly undervalued at spot rates. They project the coin to surge above $100,000, considering the current low cost of electricity versus the high Bitcoin miner price post-Halving. It remains to be seen whether the miner price will drop. However, what’s clear is that miners are incentivized to mine, explaining the rising hash rate.
  • Bitcoin transaction fees continue to rise after activating the Runes protocol in the Halving block. Runes allow developers to launch fungible tokens on the Bitcoin network. Its creator says the platform is more efficient than Ordinals and would expand use cases.

Bitcoin Price Analysis

BTC/USD is firm when writing.

Even though prices are inching higher, approaching the $68,000 level, sellers have the upper hand in the short term. Note that prices are still inside the high volume bear bar of April 13.

If prices soar above this level, it could mean the bar was climactic, marking the bear run of April 12 to 17.

Risk-averse traders waiting for a clear trend can wait for a clean breakout above all-time highs. If the bar is wide-ranging and with rising trading volume, BTC could soar to as high as $100,000.

Conversely, an unexpected dump below April lows invalidates the current bullish preview, paving the way for more losses to $53,000.

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Dalmas Ngetich
Dalmas Ngetich
Technical Analyst and News Reporter
Dalmas is a technical analyst and news reporter covering Forex, commodities, crypto, NFTs, blockchain, DeFi, and blockchain.
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