{"id":127665,"date":"2025-04-22T06:17:02","date_gmt":"2025-04-22T06:17:02","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=127665"},"modified":"2025-04-22T06:17:02","modified_gmt":"2025-04-22T06:17:02","slug":"bitcoin-risks-10-15-btc-price-dip-after-key-rejection-near-89k","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=127665","title":{"rendered":"Bitcoin risks '10-15%' BTC price dip after key rejection near $89K"},"content":{"rendered":"

Source: Cointelegraph.com NewsBitcoin (BTC) traders see a BTC price reversal already beginning as classic resistance stops bulls in their tracks.BTC\/USD 1-hour chart. Source: Cointelegraph\/TradingView
\n200-day moving average keeps BTC price pinned
\nData from Cointelegraph Markets Pro and TradingView shows BTC\/USD cooling after hitting new April highs of $88,874.
\nHaving found strength at the start of the week, Bitcoin raised hopes of a gold copycat move as the latter set multiple all-time highs.
\nThose highs continued on April 22, while BTC price action conversely saw rejection at the key 200-day simple moving average (SMA).
\n\u201cInteresting spot. Broke above the Daily 200EMA (Blue) and diagonal resistance. So far, saw a sharp rejection from the Daily 200MA (Purple),\u201d popular trader Daan Crypto Trades summarized in a post on X alongside an explanatory chart.\u00a0
\n\u201cFun won’t start until we get some daily closes back above the previous range low at ~$90K. Important to hold ~$85K below I’d say.\u201d
\nBTC\/USD 1-day chart. Source: Daan Crypto Trades\/XThe 200-day SMA traditionally forms support during Bitcoin bull markets but was lost in March as crypto faced sell-side pressure when the US trade war began.
\nSince then, BTC\/USD has seen five-month lows under $75,000, and despite a healthy rebound, some market participants are keen to call time on the latest episode of price upside.
\nAmong them is fellow trader Roman, who referenced stochastic relative strength index (RSI) values in \u201coverbought\u201d territory.
\n\u201cAs we approach horizontal resistance, I wanted to show that the last 4 times stoch RSI has been overbought, we\u2019ve seen a 10-15% correction,\u201d he noted, adding that such a move \u201cwould make perfect sense\u201d given downward momentum on the S&P 500.
\nDaily stochastic RSI was at the top of its 0-100 scale on April 22.
\nBTC\/USD 1-day chart with 200 SMA, stoch RSI data. Source: Cointelegraph\/TradingView
\nBitcoin \u201creversal has started,\u201d says trader
\nAs Cointelegraph continues to report, other bullish market commentary focuses on the confluence of macroeconomic factors that traditionally fuel BTC price gains.
\nRelated: US dollar goes ‘no-bid’ \u2014 5 things to know in Bitcoin this week
\nThese include rapidly weakening US dollar strength,\u00a0all-time highs\u00a0in the global M2 money supply, and a delayed reaction to gold\u2019s breakout.
\n\u201cIn the past few weeks, I’m looking at different on-chain data and global events which makes me believe that BTC reversal has started,\u201d popular trader Cas Abbe concluded in a dedicated X thread on the topic.
\nAbbe rejected the idea that the current BTC rebound will end up as a \u201cbull trap,\u201d pointing to whale accumulation and the reemerging Coinbase premium in addition to macroeconomic factors.
\n\u201cI believe that $74K-$75K zone was the bottom for $BTC. Most alts have also bottomed out and we could see a sustained rally,\u201d he added.
\nBTC\/USD vs. XAU\/USD chart. Source: Cas Abbe\/XThis article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"

Source: Cointelegraph.com NewsBitcoin (BTC) traders see a BTC price reversal already beginning as classic resistance stops bulls in their tracks.BTC\/USD 1-hour chart. Source: Cointelegraph\/TradingView 200-day moving average keeps BTC price… <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/127665"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=127665"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/127665\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=127665"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=127665"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=127665"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}