Bitcoin at key point with BTC price at $28.8K — Bollinger Bands creator
Bitcoin (BTC) fell below $29,000 into April 20 as bulls faced a battle for ground reclaimed in March.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD heading to $28,800 on Bitstamp.
Earlier wicks below $28,600 were quickly bought up, but Bitcoin still threatened to flip $29,000 to resistance on the day, as traders eyed a crucial support zone.
$BTC / $USD - Update On support now, so I am scalping a long while we remain above the lows at $28,550 on a 4 hour closureWill see how this plays out today pic.twitter.com/qsjmVn2kb9
“Whilst the Bitcoin market is correcting, we still have the average transactor taking profits,” Checkmate, lead on-chain analyst at Glassnode, wrote in part of Twitter analysis.
Checkmate added that he was waiting for realized losses to take control as a signal of “panic” by those who bought BTC as it crossed $30,000 this month.
An accompanying chart showed the Adjusted Spent Output Profit Ratio (aSOPR) metric, which captures aggregate profit and loss of on-chain transactions.
Some more optimistic takes remained, with analyst Matthew Hyland noting one-month lows in Bitcoin’s relative strength index (RSI) on daily timeframes.
RSI gives an insight into how overbought or oversold BTC/USD is at a given price level, and while still relatively high, such a reset and subsequent reversion can signal an inbound uptrend.
#Bitcoin Daily RSI now at lowest point since BTC closed at $24,200 over a month ago pic.twitter.com/JjGd7IqVJ5
Elsewhere, popular trader and analyst Jelle continued to observe a copycat formation by BTC/USD, which neatly followed a price fractal from 2020.
This ultimately produced a so-called “Bart Simpson” pattern — a spike higher, followed by a plateau and subsequent retracement —
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