Bitcoin (BTC) is trading at $7,106 representing an impressive xiv.7% gain in the last 24 hours and 6.eight% for today. Other global markets are too up off the back of President Trump'southward comments around the likelihood that crude oil product will be cut back, which is one of the triggers which caused Bitcoin to slide from $9K to $8K in early March.

Looking at performance relative to its peers, Ether (ETH) and XRP both keep to underperform versus Bitcoin as was the example last week. Bitcoin dominance remains at 66%.

Cryptocurrency market 24-hour view

Cryptocurrency market 24-hour view. Source: Coin360

ane-month Bitcoin price chart

BTCUSD 1-month chart

BTCUSD one-month nautical chart. Source: Tradingview

Bitcoin closed the month of March with a surly candle close below the previous support at the twenty-calendar month moving average, which represented the offset close below $6,500 in eleven months. Volume during March saw Bitcoin print the second-highest monthly volume candle of all time at Coinbase, with only December 2022 taking the prize for the highest volume.

Overall volume has printed increasing selling climatic pressure over the last 18 months, but there has been a large rejection seen above the VPVR point of control that shows the price at which most volume has been traded (xanthous horizontal line).

The next highest volume node is where the bulls and bears are at present battling it out. In the by, Bitcoin has never spent a long period of time betwixt the cost of $four,000 and $half-dozen,500. And so despite the bearish close, the total rejection of trading below $iv,000 is encouraging for the bulls who neutralized the memorable deleveraging upshot very rapidly.

The Relative Force Alphabetize is trending at 49, which is neutral and adequately representative of where the price currently is.

i-calendar week Bitcoin nautical chart

BTCUSD 1-week chart

BTCUSD 1-calendar week chart. Source: Tradingview

The weekly Bitcoin chart shows that the price currently trading upwards against previous back up, now turned resistance at around $vi,800. In that location is as well a diagonal resistance that forms the acme of a channel from which Bitcoin bankrupt out earlier this twelvemonth merely ultimately dates dorsum to July 2022.

The 200-week moving average defines support with very little price action occurring below information technology for any corporeality of time, indicating demand and lack of supply. The xx-week and 100-week averages are likely to be a formidable resistance point for Bitcoin as they have historically been very important back up and resistance areas that dictate the bullish or surly nature of the market.

The year to date Volume Weighted Average Price (VWAP), which is the boilerplate toll for the year, weighted for volume lies at $7,100 (as is the 100 WMA). This implies that there volition be an inflection point which normally acts as a magnet for the price where virtually business organization has taken place.

Overall the 200 (at $ v,588) and 100 (at $ 7,095) week moving averages are dictating local support and resistance, the latter of which is currently under assault by the bulls.

Bullish buying volume has persisted for the terminal three weeks just is diminishing equally the price is rising. This is generally considered to exist leaning bearish in an uptrend where the bulls are losing momentum, although it should exist noted that the recent volume has been unusually high.

The Chaikin Coin Flow oscillator, which looks at the corporeality of Money Menstruum Volume over the last 20 weeks, shows that there is a bullish divergence inside the book, which is indicative of relative buying pressure.

4-hour chart

BTCUSD 4-hour chart

BTCUSD 4-hour nautical chart. Source: Tradingview

The 4-hour Bitcoin price chart shows a series of higher lows for BTC/USD and helps to illustrate the demand at the 200-week moving average and below, both of which are beingness forepart-run. There is likewise a failed head and shoulders pinnacle, which was another indication that the bulls are in control of the narrowing price range.

The CMF has turned positive, which is a good short term signal for the bulls. Just information technology is overall relatively neutral, which is indicative of the volume pass up. The Stoch RSI is indicating that Bitcoin is overbought on lower time frames.

CME & futures information

CME Futures 1-week chart

CME Futures one-week chart. Source: Tradingview

The CME produces a Commitment of Traders report issued on Fri, which aggregates internet trading positions of differently sized traders to place the overall directional position of each category.

The large-sized traders or institutional traders are illustrated by the red line on the chart above and it'southward easy to come across that they are nearly always short Bitcoin, simply doubled downwards on their short positions in 2022 between $8,200 and $10,700. The nautical chart shows that they only closed these out in the latter autumn from $8,000 to $4,000.

The reason this is important is that we know that a lot of the CME buying pressure was from the closure of the large-sized short positions. The retail and professional traders contributed to the selloff as should be expected, while the institutions profited by endmost short positions into the supply generated from the decline.

We can, therefore, assume that institutions will be interested in shorting the aforementioned range as previously, from $viii,200 upwards. This is also in confluence with the weekly moving averages that are probable to cause resistance and besides the yearly pivot that lies at this price.

As such, the CME information may exist useful to monitor the beliefs of large-sized traders if Bitcoin tin can achieve out for $8,000.

Also shown on the chart is the Bitmex funding rate, which has historically had an inverse relationship with toll direction when either peculiarly high or negative. This is showing that it has now flipped marginally positive once again, which indicates a bullish shift in the marketplace. In other words, sentiment had turned (at resistance!), which may exist an opportunity for the bears.

Looking frontward

Bitcoin is critically showing a clear lack of selling interest below the 200-week moving average and buyers announced to be stepping in at these levels, which is clearly bullish.

Any pause to the upside is likely to exist ultimately resisted around the $8K level due to the confluence of technical resistance and known institutional short-selling interest.

The first existent sign of bullishness would exist to start to repossess each of the weekly moving averages and commencement turning them into support, with the $7,100 level at the 100-week moving average being the first objective. Should there be another downturn, the 200-week moving average will exist the starting time line of defence force.

The views and opinions expressed here are solely those of the writer and do non necessarily reverberate the views of Cointelegraph. Every investment and trading move involves risk. You should acquit your own enquiry when making a conclusion.