Bitcoin prices were restricted within a tight range on April 23. Even though the prior bull bar was trend-defining, breaking above local resistance levels, the failure of a firm confirmation should be a concern. The prices are now trading above the middle BB, and yesterday’s bar had a long lower wick suggesting strong demand. At spot rates, BTC is back within the multi-week range, where a key resistance level to watch is $74,000.

Currently, Bitcoin is stable, up roughly 1% from the previous day. At the same time, the coin is up 6% in the last week of trading. If this momentum remains, the trading volume will expand some more. Over the last 24 hours, trading volume stands at $24 billion, down 3%. Should prices expand higher today, building on April 22 gains, participation will likely increase, fueling optimistic bulls.

The following Bitcoin news events will influence price action:

• PayPal plans to reward efficient Bitcoin miners for proactively conserving the environment. In partnership with other firms, the payment processor will distribute BTC, among other rewards, to verified green miners.
• The leg up, on-chain data shows, was due to whales accumulating coins when prices temporarily fell towards the $61,000 level. Their engagement helped pushed prices to spot levels. Even so, whether this momentum will be sustained remains to be seen.

Bitcoin Price Analysis

BTC/USD is technically bullish from a top-down review.

Though traders expect prices to expand, the failure of bulls to engage yesterday should be a concern.

When writing, it is evident that Bitcoin is back in the March to April trade range.

At the same time, prices are below the immediate resistance level at $68,000. This formation favors short-term sells since the coin is still inside the April 13 high.

If prices drop below the middle BB today, BTC might slip towards April lows of around $61,000.

Conversely, a sharp expansion above $68,000 will thrust the coin into the range whose cap is at all-time highs.