Bitcoin Surges 10% in Two Weeks, Eyes $90,000 Range

As April approaches, traders are closely monitoring Bitcoin's price movements, with the leading cryptocurrency currently trading at $87,208, marking a 10% increase over the past two weeks. The broader market recovery could bolster BTC demand in April, potentially driving its price to retest the $90,000–$95,000 range.

Bitcoin began March with strong bullish momentum, reaching a high of $96,484 on March 2. However, a shift in market sentiment led to profit-taking, causing the coin to drop to a four-month low of $76,642 on March 11. Since then, Bitcoin has recovered, fueled by a broader market rebound and renewed demand. The coin is now trading within an ascending parallel channel, a pattern that suggests a gradual increase in BTC’s price as buying momentum intensifies.

Julio Moreno, Head of Research at CryptoQuant, confirmed this bullish outlook in an exclusive interview. He noted that selling pressure from traders is likely to ease in April, potentially driving up Bitcoin's price. Moreno assessed BTC’s Realized Profit/Loss Margin and found that it has declined steadily since the beginning of the year. This metric indicates that investors are realizing fewer profits or even taking losses, reducing their incentive to sell. Over time, this trend could ease selling pressure in the BTC market and drive up its price in the coming weeks.

Moreno also pointed out that Bitcoin has experienced a 23% drawdown since its previous all-time high, meaning traders would only experience losses if they sell. This situation typically indicates less selling pressure for Bitcoin. The trader’s on-chain unrealized profit margin stands at -13%, a level typically associated with local price bottoms. This could push prices towards the $90,000 zone.

Despite the potential for a price rebound, bearish sentiment remains significant among traders. The CryptoQuant’s Bull Score Index touched 20 a few days ago—the lowest since January 2023—indicating weak market conditions. This raises concerns that the recent price drawdown could be part of a broader bearish trend rather than a short-term correction. Historically, Bitcoin has only experienced sustained price rallies when the Bull Score is above 60, while readings consistently below 40 have been associated with bear markets.

Readings from the Crypto Fear and Greed Index reflect this outlook, currently at 40, suggesting that the market is in fear. When traders are fearful, it leads to increased selling pressure, lower BTC trading volumes, and triggers price declines.

At press time, BTC trades at $87,208, climbing 2% in the past week. On the BTC/USD one-day chart, the coin’s Relative Strength Index (RSI) rests slightly above the neutral line at 51.48, indicating a gradual resurgence in new demand for the king coin. The RSI indicator measures an asset’s overbought and oversold market conditions. It ranges between 0 and 100. Values above 70 suggest that the asset is overbought and due for a price decline, while values under 30 indicate that the asset is oversold and may witness a rebound. At 51.48 and in a slight uptrend, BTC’s RSI suggests growing bullish momentum in the market. If demand strengthens, it could propel the coin’s price to $89,434. A successful breach of this resistance could trigger a rally toward $93,478. However, if selloffs resume, BTC’s price could drop to $77,114.

In summary, while there are signs of a potential price rebound for Bitcoin in April, the market remains cautious due to significant bearish sentiment. Traders should closely monitor market conditions and conduct thorough research before making any financial decisions.