Yann Allemann, founder of the on-chain analysis platform Glassnode, pointed out a bullish signal for Bitcoin (BTC).
In his post dated April 16, Yann Allemann focused on an indicator specifically for Bitcoin that carries positive value. Emphasizing that the $58,000 support worked very successfully during the weekend declines, Allemann reminded that the picture looks positive if this support remains in place.
Indicating that new highs could be on the table if the 58-60 thousand dollar support continues and there are no daily closings below this level.
In addition, indicating that the Relative Strength Index (RSI) data is making a transition towards bullish momentum gave hope for the continuation of the rally:
As BTC quickly recovers from the critical $58,000 support level, showing extraordinary resistance and indicating a transition towards bullish momentum, the optimism prevails in the market. However, any move below $58,000 poses a threat to the ongoing bull trend, so caution is important.
