Yann Allemann, co-founder of on-chain analysis platform Glassnode, pointed out the bullish signal in Bitcoin (BTC).
In his post dated April 16, Yann Allemann focused on a positive indicator related to Bitcoin. Emphasizing the successful support around $58,000 during the weekend’s declines, Allemann reminded that the picture looks positive if this level continues to act as support.
He hinted that new highs might be on the table if the support between 58-60 thousand dollars continues and daily closings below this level do not occur.
In addition, by indicating a transition towards a bullish momentum in the Relative Strength Index (RSI) data, he provided hope for the continuation of the rally:
BTC is showing extraordinary resilience as it quickly recovers from a critical $58,000 support level, and the RSI indicates a transition towards a bullish momentum. Optimism prevails in the market when considering that the target is to surpass $68,000 and beyond. However, any downward movement below $58,000 poses a threat to the ongoing bullish trend, so caution is important.
