Bitcoin analysis for April 5, 2021

Looking at the chart on the four-hour time frame, we see that Bitcoin made a small drop to support $ 56,800. We now have moving averages of MA20, EMA20, and MA50 at the top that can put pressure on the price and directing it towards MA200 and EMA200, which are in the $ 55,000 zone for Bitcoin. The break below that gives a stronger bearish feel and changes the image on the chart. Otherwise, if we find support again, there is a chance we will test $ 60,000.

On the daily time frame, we are still in the bullish trend, and yes, we are still above the support of the moving averages MA20 and EMA20. Bitcoin continues to consolidate just under $ 60,000. Falling below the moving averages of the MA20 and EMA20 leads us to MA50 stronger support around $ 54,000. We can see other potential levels of support in the chart if a major withdrawal occurs. For now, we won’t think so dramatically. Bullish is a long-term option, and it’s currently in effect.

On Monday, April 5, the stock markets were not impressive, as many Asian markets were closed for public holidays, and US futures were moving a little. Due to the lack of momentum, Bitcoin, therefore, did not have enough to maintain any price movement under macros’ influence. The resistance of 60,000 dollars remained in place at the time of writing this text.
However, one of the main events that cryptanalysts are eagerly awaiting is the IPO of Coinbase on April 14. As Cointelegraph reported, the event is a turning point for the industry, but sales on the day of launch could be followed by a practice seen in other IPOs, old and new.