Bitcoin (BTC) Technical analysis - 13 April 2025

[Forum Admin]

BTC:

• BTC's Open Interest has remained slightly elevated over the last week or so, suggesting there is still some appetite for leverage exposure.
  
• Funding rates are subdued and remain tight at 0.00%, with a slight negative skew currently, indicating a small lean amongst traders to be short.
  

Technical analysis

• Price moved down towards the top of the Green Buy Box, and the price bounced from $74,700.
  
• Price then bounced into a new resistance zone that we have identified between $82,500 and $84,200. In our view, this is now the key level for the price to reclaim.
  
• Price remains in its primary downtrend, and we'll be closely watching for a breakout of this main downtrend line.
  
• Regarding the downside, we expect $71,500 to $75,500 to be significant support.
  
• The RSI broke out of its downtrend, putting in back-to-back bullish divergences (lower low in price and higher low on the oscillator), whilst it's also above its moving average. We could see this reflected in helping prices go higher.
  

• Next Support: $74,700
  
• Next Resistance: $84,500
  
• Direction: Neutral/Bullish
  
• Upside Target: $87,000
  
• Downside Target: $74,700
  

In the short term, price action is strict, as seen here. If we had to call here, we could see the price pulling back slightly, moving up into the downtrend line, and potentially pushing for a breakout. We've identified this with arrows on the chart.

We're not too confident about accumulating BTC or playing this move; it's extremely hard to call considering the whip-sawing price action we've been seeing lately, as we constantly get the headline tennis playing out.
In the short term, we have low confidence. However, the game plan will be to accumulate between $63,400 and $75,500 in the Green Buy Box should we see retests, which we expect to see over the coming months.