BTC/USD Analysis: Bulls on the Offensive

FXOpen

21 Apr 2025, 08:03

In our previous analysis of Bitcoin’s price (14 April), we:

→ constructed a long-term ascending channel (marked with blue lines);

→ highlighted resistance level R, suggesting that the bulls were seizing the initiative in an attempt to pave the way for a continuation of the long-term trend on the BTC/USD chart.

As we can see, Bitcoin is now trading at its highest level in nearly three weeks. Moreover, the bulls are close to reclaiming a key high from early April. Market sentiment is being buoyed, in part, by comments from Michael Saylor, who stated that MicroStrategy is prepared to continue accumulating Bitcoin. Following a recent purchase of more than 3,000 coins, the company now holds over 530,000 BTC on its balance sheet.

Technical Analysis of the BTC/USD Chart Today

Currently, Bitcoin is trading above the R resistance line, having risen on a strong bullish candle — a clear indication of demand outweighing supply. This price action reinforces the relevance of the long-term ascending channel, making the argument stronger that the bearish breakout attempt (marked with an arrow) in early April was a false move.

It’s also worth noting that the psychological level of $80K is acting as strong support — since late February, BTC has dipped below this level several times but has failed to establish itself there. A bullish attempt to challenge the $90K level before the end of the month cannot be ruled out.

Will Bitcoin continue on a bullish path? Much will depend on the fundamental backdrop — particularly factors influencing the US dollar’s performance. Notably, the US Dollar Index futures are trading at their lowest level since March 2022.

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