Bitcoin price has retested the $85k for the past three days in succession, raising hope that a reversal could be in the works. BTCUSD was up by 0.9% and traded at $84,524 at press time, bringing its weekly gains to 7.8%. The coin’s RSI reading is at 52 on the daily chart, adding credence to the likely continuation of the upside action. However, the 10-day Simple Moving Average (SMA) is still below the 20, 50 and 100 SMA, underlining likely small gains in the near-term trend.
US President Donald Trump will meet his Salvadorian counterpart Nayib Bukele at the White House on Monday, where Bitcoin could feature prominently. Bukele is a renown Bitcoin supporter and he led El Salvador to adopt Bitcoin as legal tender in September 2021. His meeting with Trump, another crypto supporter, could potentially inject fresh volatility into Bitcoin price.
Meanwhile, Strategy CEO Michael Saylor has hinted at more Bitcoin purchases despite recent market turbulence. Through a social media posting, Saylor stated that “Bitcoin thrives in chaos” and shared a chart showing how Bitcoin had proven its status as a store of value and seen the company remain profitable even at the height of the global trade tariff war.
However, institutional confidence in high risk assets is yet to return after recent market turmoil. Despite BTC price rising in recent days, Bitcoin spot ETFs recorded net outflows worth $730 million in the week of April 7-11. A return to institutional buying is likely this week as trade tariff fears thaw. That could help Bitcoin price stay on the upside and potentially flip the $85k level into a support.
Pivot: Bitcoin price pivot mark is at $83,810, and action above that level will favour the upside to prevail. Otherwise, the sellers could take control.
Resistance: Primary resistance will likely be at $85,810. However, an extended control by the buyers will clear that barrier and test $87,375.
Support: First support likely at $82,170. Breaking below that level will invalidate the upside narrative. Second support could come at $80,585.
This post was last modified on Apr 14, 2025, 10:42 BST 10:42