Yann Allemann, the founder of on-chain analysis platform Glassnode, has pointed out a bullish signal in Bitcoin (BTC).
In his post dated April 16, Yann Allemann focused on an indicator specific to Bitcoin that carries a positive value. Emphasizing that the $58,000 support worked very successfully during the weekend declines, Allemann reminded that if this level remains as support, the outlook looks positive.
He hinted that if the support between $58,000 and $60,000 continues and there are no daily closings below this level, new highs could be on the table.
Additionally, indicating a transition toward bullish momentum in the Relative Strength Index (RSI) data, he offered hopeful prospects for continued rally:
BTC is showing outstanding resilience as it quickly recovers from the critical $58,000 support level, and the RSI indicates a transition toward bullish momentum. With the target being to surpass $68,000 and beyond, optimism prevails in the market. However, any downward movement below $58,000 poses a threat to the ongoing bullish market trend, so caution is crucial.