Yann Allemann, the founder of the on-chain analysis platform Glassnode, pointed to the rise signal in Bitcoin (BTC).
In his post dated April 16, Yann Allemann focused on an indicator specific to Bitcoin that carries a positive value. Reminding that the $58,000 support worked very successfully during the weekend declines, Allemann emphasized that the picture looks positive if this level remains as support.
Indicating that new highs could be on the table as long as the $58,000-60,000 range continues as support and daily closings below this level do not occur.
In addition, by indicating a transition to a rising momentum in the Relative Strength Index (RSI) data, he gave hope for the continuation of the rally:
BTC is showing exceptional resistance as it rapidly recovers from the critical $58,000 support level, and the RSI is indicating a transition to a rising momentum. With optimism prevailing in the market when considering the target of surpassing $68,000 and beyond. However, any downward movement below $58,000 poses a threat to disrupt the ongoing bull market trend, so caution is important.
