Bitcoin traders turn to $93K yearly open as BTC price hits 6-week high
Bitcoin (BTC) reached six-week highs of over $91,000 on April 22, driven by rising US trade war tensions. The cryptocurrency benefited alongside gold as market nerves increased regarding potential responses from China and Japan to US tariffs. Key resistance levels were identified around $90,000, with the 200-day simple moving average at $88,370 seen as crucial for support. Traders noted the importance of breaking the $93,000 mark, which represents Bitcoin's yearly open, to confirm a trend reversal. Some traders expressed skepticism about the sustainability of the price rebound, citing potential fakeouts and the need for confirmation through weekly closes. Additionally, concerns were raised about Bitcoin's performance relative to the NASDAQ 100 index, suggesting that historical trends indicate challenges when the NASDAQ is below its 200-day SMA.
