It’s lunchtime again so we take a look at the live Bitcoin price and the prices of the top 25. Prices are rising sharply, so the question is whether we can expect a new bull trend or a temporary rebound. We analyze the market.
We start of course with the live Bitcoin price and the prices of the top 25 crypto.
Live Bitcoin price and prices top 25 crypto rise further
At the time of writing, the live Bitcoin price is quoting EUR 38,432.24 ($41,558.64). This is 2.08% higher than yesterday at lunchtime, but 6.41% higher than during our cryptolunch last Monday.
The prices of the top 25 crypto coins also continue to rise. At the moment, apart from a few stable coins, we only see positive results. The biggest gain of the day so far is with + 6.59% for Solana (SOL). Of course, you can analyze all live crypto prices on the Tradeincrypto.com site 24 hours a day.
With this price increase, the question is whether the next Bitcoin bull trend has begun or whether we are dealing with a temporary rebound in a bear market. We analyze the opinions.
Bitcoin bullish in the short term
The Bitcoin price is rising mainly because investors are looking for protection against inflation. The dollar index is showing a correction and the price of gold is also falling. Bitcoin (BTC) is then evidently a nice alternative, fueling its reputation as “digital gold” and “safe haven” against inflation again.
Looking at the Bollinger bands we see that the ranges are getting tighter. This makes a price breakout more and more likely. The question then becomes whether it will be bullish or bearish. If we look at the on-chain metrics such as the Reserve Risk chart, it seems to be bullish. This offers room for further price increases of the BTC. The question is whether a full bull trend is thus born.
BTC bull-trend not yet started according to technical analyses
If we follow historical analysis and technical analyses, there seems to be no question of a full bull trend for the time being. For example, historical analyses show that we are in a bear trend similar to the market in 2018. You can see this, among other things, in the chart below.
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This is the longest amount of time $BTC has spent below the yearly open since the 2018 bear.
Pretty crazy that 4 out of 5 years $BTC spent less than 30 days below the yearly open. (2018 being the exception) pic.twitter.com/Oe2D3At7Z9
– Luke Martin (@VentureCoinist) April 19, 2022
In the process, we see, for example in the chart below, that more and more retail investors are losing interest in trading crypto.
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the dream is that we get a new crypto narrative and retail involvement rises -> all boats go up as they buy in with outside money
in practice, retail interest in crypto (excepting NFTs) is at 2 year lows and continues to fall pic.twitter.com/H8RRDB3c3b
– Sisyphus (@0xSisyphus) April 20, 2022
The Elliott Wave analysis also shows that there is no bull trend for Bitcoin on breakout yet. We see this in the video analysis below.
By the way, Elliott Wave analysis is not only a widely used, but also tricky analysis. Therefore, in this article, our colleagues at Tradeincrypto.com are happy to explain more about the Elliott Wave analysis for Bitcoin and crypto.
What Bitcoin prices do investors follow in the short and long term?
Judging from the short term, the BTC price provides room for growth. A price path here could be that the BTC price structurally passes the resistances at $41,500 and $41,800, after which further resistance awaits at $42,500. If this is also broken, the next resistance at $43,200 will be in sight. Thus we see the above described narrower Bollinger bands taking their toll directly.
On the other hand, the bear band is also tightening. As a result, there is little chance of strong price declines in the short term. There are support levels at $40,400 and $40,000. Only after that, larger price declines are in the offing.
For the Bitcoin price development in the longer term, investors look at the situation on the Bitoin futures market in addition to the Elliott Wave analysis described above. Here we see that many traders are speculating on a price decline.
Of course, you can also trade futures yourself or follow the developments in the futures market. Our colleagues at Tradeincrypto.com are happy to introduce Huobi Exchange for that purpose.
We will of course continue to follow the market with our Bitcoin and crypto updates.
Want to stay up to date with the latest price developments?
You can always follow the developments yourself with our WANT crypto analyses or the background articles and previews on the crypto market and Bitcoin. Of course, you can also follow the live quotes 24 hours a day if you want to stay informed in real time. Are you interested in other investments besides crypto? Then our weekly Monday morning price forecast might be a reading tip. “Please note: We never give financial advice, so our contributions can’t be interpreted that way either. Always do your own research and decide on rational grounds if, when, what and how much you want to invest in.”