As the fears of rising tariffs in the global markets cause panic selling everywhere, Bitcoin struggles to hold its ground. Currently, Bitcoin is trading at a market price of $77,574, recording an intraday recovery of 1.75%.
This marks a significant bullish turnaround from the 24-hour low at $74,565. Furthermore, it highlights the bullish revolt against the recent 3.57% plunge yesterday. Will this short-term recovery drive Bitcoin back to $82,000 mark? Let’s find out.
Bitcoin Price Analysis
In the daily chart, the BTC price trend showcases a falling wedge pattern. Currently, the Bitcoin price is struggling to bounce off the local support trend line.
Furthermore, it hints at a potential double bottom turnaround from the $76,600 level. Supporting the upside chances, the daily RSI line reflects a bullish divergence.
However, the prevailing downfall is likely to trigger a death cross between the 50- and 200-day exponential moving average lines. This will trigger a selling alarm for price action traders.
Furthermore, it will reflect the medium-term bearish strength, overpowering the longer-term trend. Based on the Fibonacci levels, a potential recovery within the falling wedge pattern is likely to challenge the 23.60% retracement at $82,705.
This highlights an upside potential of nearly 7%. On the flip side, a breach under the local support trend line will likely test the $70,000 level.
BTC ETFs Record $326M in Outflow Amid Trade War
As Bitcoin stands at a crossroads of a potential bullish recovery, it lacks institutional support. On April 8, the daily total net outflow of U.S. Bitcoin spot ETFs stood at $326 million.
The majority of the outflows came from BlackRock, dumping $252.90 million, followed by Bitwise at $21.71 million. Out of the remaining 10 Bitcoin ETFs, five recorded a net zero outflow, while the rest of the ETFs maintained an outflow of less than $20 million.
Bullish Sentiments Resurface in Bitcoin Futures
Over the past 12 hours, with the recent recovery, the bullish sentiments in the Bitcoin derivatives market have significantly increased. Based on the Bitcoin long-to-short ratio chart by Coinglass, the long positions have surged from 49.37% to nearly 52%.
This boosts the long-to-short ratio closer to 1.10, highlighting the growing bullish influence. Furthermore, the 24-hour long volume has increased by nearly 5% to $75.45 billion, while the short volume remains at $76.45 billion.
