Glassnode’s on-chain analysis platform founder Yann Allemann highlighted a rise signal in Bitcoin (BTC).
In his post dated April 16, Yann Allemann focused on an indicator specifically carrying a positive value for Bitcoin. 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.
Hinting that new highs could be on the table if the $58,000-60,000 continues as support and there are no daily basis closings below this level.
Additionally, indicating that the Relative Strength Index (RSI) data is making a transition towards upward momentum gave hope for the continuation of the rally:
BTC demonstrates extraordinary resilience while quickly rebounding from the critical $58,000 support level, and the RSI indicates a transition towards upward momentum. Optimism prevails in the market considering the goal is to surpass $68,000 and beyond. However, any downside move below $58,000 poses a threat to the ongoing bull market trend, so caution is important.
