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Yann Allemann, the founder of on-chain analysis platform Glassnode, pointed out a bullish signal in Bitcoin (BTC).

Yann Allemann focused on an indicator that carries a positive value specifically in Bitcoin in his post dated April 16. Emphasizing that the $58,000 support worked very successfully during the weekend declines, Allemann reminded that the situation looks positive if this support continues to hold.

Implying that new highs could be on the table if the support between $58,000-60,000 continues and no daily closings below this level occur.

Additionally, indicating a transition towards bullish momentum for the Relative Strength Index (RSI) data, gave hope for the continuation of the rally:

BTC is showing exceptional resilience while rapidly recovering from the critical $58,000 support level, with the RSI showing a transition to bullish momentum. With optimism prevailing in the market, considering the target to exceed $68,000, any downward movement below $58,000 poses a threat to disrupt the ongoing bull market trend, caution is important.

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