Technical charts suggest that Bitcoin’s rally continuation is fully dependent on bulls securing a weekly close above $75,000.
Key points:
Bitcoin (BTC) has risen above $78,000, extending upon its 11.87% rally in April, per CoinGlass data. The recovery in April was supported by solid buying in the US spot BTC exchange-traded funds, which saw $1.97 billion in inflows, according to SoSoValue data.
The rally is expected to encounter selling in the zone between the True Market Mean at $78,000 and the Short-Term Holder (STH) cost basis at $79,000. Analysts are closely monitoring the $80,000 level, which needs to be flipped into support for confirmation that bulls remain in control.
