Bitcoin’s Wild Ride: Hold on Tight!

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April’s almost here, and the Bitcoin rollercoaster’s ready for another loop-de-loop. Currently at $87,208, it’s like the crypto’s been on a caffeine binge, up 10% in just two weeks. 🚀

With the market waking up from its nap, BTC might just flex its muscles and aim for the $90,000–$95,000 high dive. 🏊‍♂️

Bitcoin’s Bouncing Back? Analyst Says It’s More Likely Than Finding a Parking Spot in NYC

Bitcoin (BTC) started March with more energy than a toddler on sugar, hitting $96,484 by March 2. But then, traders got all bearish and profit-taking became the new national sport, sending BTC to a four-month low of $76,642 on March 11. 🐻

Since then, Bitcoin’s been playing Rocky, staging a comeback thanks to market rebound and fresh demand. Now it’s trading in an ascending channel, which is market-speak for “things are looking up, folks!” 📈

In a chat with BeInCrypto, Julio Moreno, CryptoQuant’s Head of Research, gave us the scoop on this bullish vibe.

“April might just be Bitcoin’s month to shine, as traders stop pressing the sell button like it’s a panic button,” Moreno said.

Moreno checked out BTC’s Realized Profit/Loss Margin and found it’s been sliding since New Year’s. When this happens, it means investors are either making peanuts or losing their shirts, so why bother selling? 🤑

This trend’s like a pressure valve, slowly releasing the sell-off steam and maybe, just maybe, pushing prices towards the $90k zone. 🌬️

“With Bitcoin down 23% from its high, selling now is like throwing money away. Historically, this means less selling pressure. The trader’s on-chain unrealized profit margin is at -13%, which is basically market-speak for ‘buy now!’. This could easily get prices towards the $90k zone,” Moreno added. 🤑

Selling Pressure Could Spike as Traders Get the Jitters

But hey, let’s not get too comfy. Bearish sentiment is still lurking around like a bad smell. 🐻

“The market’s still pretty bearish, according to CryptoQuant’s Bull Score Index. It hit 20 recently—the lowest since January 2023. This isn’t just a blip; it could be a sign of a bigger bearish trend,” Moreno explained.

He also mentioned that Bitcoin usually parties hard (read: rallies) when the Bull Score is above 60. Below 40? That’s bear territory. 🏕️

The Crypto Fear and Greed Index is at 40, which means everyone’s scared. Like, really scared. 🙀

When traders are this scared, they sell, sell, sell, leading to lower volumes and price drops. It’s like a crypto fire sale. 🔥

Bitcoin: $87,000 or $77,000? Place Your Bets!

BTC’s at $87,208, up 2% in the past week. The RSI is just above the neutral line at 51.48, hinting that new demand’s on the horizon. 🌅

The RSI is like a market thermometer. Above 70? Too hot! Below 30? Too cold! At 51.48, it’s like Goldilocks—just right. 🍵

If demand keeps up, we might see $89,434. Break that, and $93,478 could be within reach. But if selling kicks in, it’s back to $77,114. It’s like a game of crypto roulette! 🎡

So, hold on to your hats, folks. The Bitcoin ride’s not over yet! 🎢

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2025-03-27 20:07