The crypto market has been under the shadow of the FOMC meeting and Fed's decision over interest rates during the previous week. The approval of the first BTC ETF resulted in a high funds transfers between funds, and a relatively smaller portion of new funds inflows into the crypto market. Although BTC will have its moments in the future period, still, for the moment, investors focus is more oriented on equity markets since the beginning of this year. It should be considered that a new story is emerging in the crypto community, which is related to BTC "halving". This actually means that within next 80 days, a fourth BTC halving will occur, where the block reward will decrease from current 6.25 to 3.125 bitcoins per block. In line with the event, there are a lot of speculations of how it could affect the price of BTC. Some market participations are currently positioning for this event, which is a reason why some higher volatility could be expected around April 21st.
For the moment, BTC is struggling around the $43K short term resistance line. BTC started testing this level two weeks ago, and continued during the whole previous week. Highest-lowest range was between $42.013 and $43.740 reached on Monday. Daily trading volumes are also decreasing compared to the previous two weeks. There are also almost equal numbers of both buying and selling orders. The RSI started its move above the 50 line, however, the indicator is still not ready to clearly start its move toward the overbought side. Actually, it seems that the market is currently unsure which side to trade. Moving average of 50 days stopped with divergence from MA200, however, it is still not ready to start with convergence. As there is huge difference between two lines, there is still no indication that a potential cross might come soon.
First look at charts it seems like the market is unable to choose the trading side at this moment. Short term resistance line at $43K has been tested for a relatively longer period of time, without market strength to clearly break it and start its move toward the $45K. At the time of writing this article, there is equal probability for a move toward both sides during the week ahead. If $43K is broken during the week, then the next stop will be at the $45K resistance. In case that there is no market strength for such a move, then BTC might start its move toward the $40K support line.
For the moment, BTC is struggling around the $43K short term resistance line. BTC started testing this level two weeks ago, and continued during the whole previous week. Highest-lowest range was between $42.013 and $43.740 reached on Monday. Daily trading volumes are also decreasing compared to the previous two weeks. There are also almost equal numbers of both buying and selling orders. The RSI started its move above the 50 line, however, the indicator is still not ready to clearly start its move toward the overbought side. Actually, it seems that the market is currently unsure which side to trade. Moving average of 50 days stopped with divergence from MA200, however, it is still not ready to start with convergence. As there is huge difference between two lines, there is still no indication that a potential cross might come soon.
First look at charts it seems like the market is unable to choose the trading side at this moment. Short term resistance line at $43K has been tested for a relatively longer period of time, without market strength to clearly break it and start its move toward the $45K. At the time of writing this article, there is equal probability for a move toward both sides during the week ahead. If $43K is broken during the week, then the next stop will be at the $45K resistance. In case that there is no market strength for such a move, then BTC might start its move toward the $40K support line.
