Bitcoin (BTC) traders see a BTC price reversal beginning as classic resistance stops bulls in their tracks.BTC/USD 1-hour chart. Source: Cointelegraph/TradingView
200-day moving average keeps BTC price pinned
Data from Cointelegraph Markets Pro and TradingView shows BTC/USD cooling after hitting new April highs of $88,874.
Having found strength at the start of the week, Bitcoin raised hopes of a gold copycat move as the latter set multiple all-time highs.
Those highs continued on April 22, while BTC price action conversely saw rejection at the key 200-day simple moving average (SMA).
“Interesting spot. Broke above the Daily 200EMA (Blue) and diagonal resistance. So far, saw a sharp rejection from the Daily 200MA (Purple),” trader Daan Crypto Trades said in a post on X alongside an explanatory chart.
“Fun won’t start until we