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Bitcoin’s Strong Monthly Close: Can Bulls Maintain Control?
In a significant turn of events, the price of Bitcoin has closed above the 38.2% Fibonacci retracement level, keeping the bullish momentum alive and fuelling optimism among investors. However, as we move into April, the question on everyone’s mind is whether bulls can maintain control and push higher.
The market is closely watching the recent high resistance around $88,000, while support near $83,000 holds crucial for the direction of the market. Technical indicators are sending mixed signals, but momentum appears to be leaning slightly bullish as volume supports further gains.
Despite these encouraging signs, investors must remain cautious as the short-term oscillators suggest upward movement between $84,178 and $85,228. Mid-range signals, however, lean bearish, indicating potential resistance around $86,060 and $86,671.
As we dive deeper into the analysis, it becomes clear that Fibonacci retracement levels highlight possible entry points during pullbacks. Traders can take advantage of these areas to enter new positions or manage existing ones by setting stop-losses below 78.6% or 100% retracement levels.
The importance of maintaining control cannot be overstated, as a breakdown could trigger further selling pressure and undermine the momentum seen in March’s strong close.
Source: https://cryptonewsland.com/bitcoins-strong-monthly-close/
