Bitcoin keeps pressure on a key breakout level which preceded previous BTC price runs to all-time highs.
Bitcoin is consolidating immediately below a key bull market breakout level which sparked the rapid run to all-time highs in both 2017 and 2020. on April 12, popular trader Jelle flagged a key crossover due on Bitcoin’s Pi Cycle Top indicator.Pi Cycle Top is a classic Bitcoin bull market observation tool. Consisting of two moving averages, it has consistently delivered macro top signals for BTC price action.
“Once Bitcoin breaks the Pi Cycle moving average — all bets are off,” he wrote in accompanying commentary.Bitcoin Pi Cycle Top indicator. Source: Glassnode While such price action has unnerved some market participants, others, including Jelle, see it as healthy behavior around such a critical psychological line in the sand.
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