Bitcoin Price Movement Analysis for 17th April, 2021

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Following reports that Turkey’s central bank had placed a ban on crypto-holders using their digital currencies for payment, Bitcoin fell from $63,000 to $60,500. Funding prices for BTC have been hovering well above +0.05 percent for some time now, indicating that the purchasing side has not been overcrowded. About the news that ignited a minor sell-off (the price fell by 3%), Bitcoin remained high above the $60,000 level.

Bitcoin 1-hour chart

In the future, $60,7500 and $58,000 are expected to be significant amounts of funding for BTC. The price recently checked the $60k mark but bounced to $62,541, indicating that it was likely heading back towards the $60,800 range.

A pitchfork and a descending channel, as well as horizontal support thresholds, were used on the maps to depict areas of demand and supply for BTC. Since the 14th, the descending channel (cyan) has been active. The confluence of the channel’s midpoint and the lower boundary (green) of a pattern channel from the pitchfork could serve as strong support for BTC in the $60,7500 region over the next few hours. BTC will measure $59,600 or as low as $58,900 if it falls below this amount.

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Rationale

The plotted lines indicate that BTC bulls would need to protect main places of help over the weekend. BTC could fall more towards $56,000 if it falls below the $59.500-$58,900 range. A tenacious defending of the $60,750 is a required improvement if BTC is to avoid more losses.

The RSI fell below neutral 50, and the Stochastic RSI also fell. This indicated that the recent rebound for BTC off the $60,000 mark had come to an end, and that more losses were possible.

After the $64,600 highs a few days back, the OBV has been trending downward. Before Bitcoin will crack through $62,000 again, the market’s seller bias must change.

Conclusion

If the short-term outlook is bearish, a decline to $58,900 would almost certainly be a buying opportunity for BTC, and a move beyond the channel’s upper limit will also be a warning of a jump to $64,000.

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