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Despite overall positive sentiment, BTC continues to face increased selling pressure which may affect its short-term prospects - Will near-term bulls prevail amidst the selling pressure in the short term?
, BTC accounted for over 98% of inflows in digital assets investment products in the previous week of April 2 – 9.However, trading volumes remained low at $970m, as short-Bitcoin saw minimal outflows of $0.6m. As such, the current bullish sentiment isn’t void of selling pressure, which may affect players’ short-term gains.Since mid-March, BTC consolidated around $28k. It broke out of the range on 10 April but has entered another price consolidation range of $29.6k – $31k.
A bullish breakout could set BTC to retest the next resistance level at $32.5k – it coincides with one of its May 2022’s upper range boundary levels. The next target will be $34.3k if near-term bulls clear the $32.5k hurdle. Note that the range’s lower boundary intersected with 50-EMA, meaning a break below the confluence area could point to a weakening structure. Southwards, the key support levels lay at $28.7K, the dynamic 200-MA, and the previous range lower boundary of $26.7K.
Meanwhile, the price action made new highs as RSI made new lows – an increasing divergence that may expose BTC to increased short-term selling pressure. In addition, the ADX declined to suggest a weakening short-term uptrend with a potential extended consolidation or retracement.According to Coinalyze, BTC’s CVD spot declined but flattened at press time – showing sellers gained market leverage, but bulls weren’t exiting their positions.
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