Giant RSI support retest greets Bitcoin bulls
In contrast to United States equities, which managed to seal modest gains on April 22, Bitcoin continued to suffer as analysts warned of a return toward $25,000.
With that, BTC/USD was down 10% for the week and 4% in April overall, according to data from monitoring resource Coinglass, amid a dramatic turnaround in fortune versus much of Q1.
For popular trader Credible Crypto, however, there was still every reason to hope that the long-term uptrend remained intact.
“If your macro thesis on Bitcoin has changed because of a $2,000 pullback after a $10,000+ vertical rally from 19k to 30k+ you’re doing it wrong,” he insisted in part of his latest Twitter commentary.
In an additional post, he argued that such price action is “common” in crypto markets.
“The last major retest we had was at 19k before our rally to 30k+. A retest of 25k here would be logical and healthy,” he stated.