Bitcoin continues to have resistance right above $57,000, still closing with a gain of $2,420 (+4.44%) at $56,935. Today’s closing price is right where the Monday’s close, and we have effectively formed a Doji on a weekly candlestick chart. We continue to see BTC as being in a consolidation stage, unsure of which direction it will take next.

BTC futures are holding on to Friday’s gains and currently are trading fractionally higher (+0.38%) at $57,530 after coming down from today’s highs at $59,000. Resistance remains at $61,000 and major resistance at $64,000.

Bitcoin futures continue to rebound off of the lows hit on both Friday, April 23rd, and Monday, April 26th, when CME futures fell, forming a double bottom at around $47,500.

For the majority of trading today, BTC futures were trading down around 5% on the day. In the final hour of trading, Bitcoin futures on the CME fell by another 2%, closing out the day 7.3% ($4,060) lower at $51,550. As we mentioned yesterday, support sitting just below current prices must hold in order to not sustain further deep losses. If current support at approximately $50,900 - $50,600 does not hold, we will look to approximately $42,000 for an area of support.

Bitcoin continued lower today with the most active April contract of BTC futures currently as of 4:50 PM EST, trading down by 2.41% ($1,365) on the day and fixed at $55,350. The low today matches up with the 50-day moving average, which is where minor support lies. If we break through this level the next level of support is at approximately $50,900. This area of support was originally a Fibonacci harmonic between two older data sets, as well as an area of support tested in March.

The Bullish channel that Bitcoin futures had been trading in for nearly six months (since late October) failed to hold as a price decline over the weekend brought Bitcoin futures down hard today. BTC futures closed down by 9.2% or $5,705 bringing them to $56,275.

Today we saw a decline in BTC of 2.88% bringing Bitcoin futures down to $62,000 on the close. This puts Bitcoin down on the day, while on the week BTC is still posting positive gains of approximately 6% in the spot markets. I will say one potentially bearish technical factor is the weekly candlestick chart. By that I mean BTC’s weekly candle forming a shooting star, which when found after an uptrend could indicate that a market has reached an apex and could be entering into a downturn.

BTC is trading at approximately $60,500. This marks the first close above $60,000 for Bitcoin futures, and I believe we will see $65,000 by week’s end.

-excerpt from the previous article on 4/12/2021.