Bitcoin climbs above $41K on Wall Street open as gold dives, dollar cements highs

Bitcoin (BTC), which reclaimed $41,000 on April 14, was the first day of Western stock exchange trading following Easter. It painted a bullish picture.

BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView
BTC caution is advised by nalysis

Data from TradingView and Cointelegraph Markets Pro showed that BTC/USD spiked above $41,000 in April 19, hitting five-day highs via Bitstamp.

The largest cryptocurrency made a welcome change from the dark atmosphere of the holiday season by copying gold’s performance days before. Gold has been falling from $1,998 per ounce to $1,960 at the time this article was written.

1-hour candle chart for XAU/USD Source: TradingView

The U.S. Dollar, however, was equally energized and continued to consolidate its strength in an ongoing headwind for BTC.

The U.S. currency index (DXY), which is based on U.S. dollars, remained above 100. Analysts had previously predicted that the next move would be decisive for crypto.

U.S. dollar currency indicator (DXY), 1-day candle chart. Source: TradingView

Although crypto sentiment has left “extreme fear,” the monitoring resource Material Indicators called for a balanced appraisal of BTC’s price action.

It stated that several moving averages needed to be reclaimed before it could fundamentally alter the outlook.

Be careful not to get too excited about yesterday’s #Bitcoin PA. Bear in mind that bulls must reclaim these moving averages in order to confirm a trend reversal. Avoid potential bull traps by watching volume and waiting for confirmations. https://t.co/26BLOFwenL pic.twitter.com/r219S4YYCv
— Material Indicators (@MI_Algos) April 19, 2022

However, the account acknowledged on April 18 that the chart setup was “bullish”.

Pundit puts his hopes on RSI bull-trigger

The S&P 500 posted a bottom signal, which is a rare bull flag from stock markets. This has historically fueled BTC price gains.

Similar: Bitcoin hodlers are aiming $100K to prevent a 40% price drop, data suggests

This move affects the stochastic relative strengths index (RSI), on the three week chart. Aurelien Ohayon (CEO of software company XOR Strategy) concluded that a repeat performance was due.

#BITCOIN is one of the most accurate bottom detectors I have ever seen. The 3W-Stochastic R-SI K-line of S&P500 reached the 0 line. This signifies a #BTC bottom and an enormous bull run. It just touched the the 0 line.#SPX $SPX $BTC #Crypto pic.twitter.com/DKRJv6FqIq
— TAnalyst (@AurelienOhayon) April 18, 2022

The RSI chart for Bitcoin looked similar to the one above. RSI was at 44.7 on daily timeframes. It just climbed above its 14-day moving mean in what has been a bullish development throughout 2022.

BTC/USD 1-day candle charts (Bitstamp), with RSI. Source: TradingViewcom. You should do your research before making any investment or trading decision.

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Eileen Wilson

Eileen Wilson –Technology and Energy My Name is Eileen Wilson with more than 5 years of experience in the Stock market industry, I am energetic about Technology news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of topmagazinewire.com with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Technology and Energy category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.

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