Glassnode’s on-chain analysis platform founder Yann Allemann pointed out a rise signal in Bitcoin (BTC).
In his post dated April 16, Yann Allemann focused on an indicator holding positive value in Bitcoin. Emphasizing that the $58,000 support worked very successfully during the weekend’s declines, Allemann reminded that if it remains as support, the situation looks positive.
Indicating that if the support between $58,000-$60,000 continues and daily closings below this level do not occur, he implied that new highs may be on the table.
In addition, indicating a transition towards rising momentum for the Relative Strength Index (RSI) data, provided hope for the continuation of the rally:
As BTC rapidly rebounds from the critical $58,000 support level, demonstrating extraordinary resilience, and RSI shows a transition towards rising momentum, optimism reigns in the market, considering surpassing $68,000 and beyond as the target. However, as any downward move below $58,000 threatens to derail the ongoing bull market trend, caution is crucial.
