Bitcoin Retests Key Levels Of Support Before The Next Leg Up

• Bitcoin has finally surpassed the psychological level of $30,000 but is currently retracing to find credible support.
• BTCUSD has formed an inverse head and shoulders pattern on the daily chart, suggesting that there is more upside for Bitcoin in the longer term.
• In order for the bullish chart pattern to stay valid, BTC must sustain trading above the neckline of the prevailing chart pattern at $28,579, where the 78.6% Fibonacci retracement level also sits.
  

  Options Data Suggests That Bitcoin Could Stabilize Around $30,000

  • Binance Options data indicates that the max pain price for Bitcoin is at $30,000, the strike price with the most open options contracts for both calls and puts.
  • The max pain price is usually an indicator of where BTC price could be headed as the price of BTC option contracts will typically gravitate towards it.
    

    Bitcoin Mining Difficulty

    • Bitcoin mining difficulty continues to set a new all-time-high in the last five weeks. This week the difficulty is set to inch higher – currently estimated at 1.60%.
      

      Bitcoin Fear And Greed Index

      • The Bitcoin Fear and Greed Index reached a score of 68/100 on April 16, nearly 10% away from its index score of 75/100 during November 2021 when BTC reached an all-time-high of $69,000.
        

        News Roundup

        • BTC’s Correlation To Gold – The indicator “BTC correlation to Gold” in the last twelve months has mostly registered high positive values, suggesting that the two assets have become strongly tied during this period.
        • Draft Stablecoin Bill – The U.S. House Financial Services Committee is set to discuss a draft bill which seeks to impose greater oversight on stablecoins and encourage research into development of a digital dollar.
        • Ether Hits 11 Month High – Over 1 million Ether (ETH) worth $2.1 billion has now been withdrawn from Ethereum’s Beacon Chain within the first four days of the Shapella hard fork and Ether has pushed over $2,100 for the first time in 11 months.
        • Hong Kong’s Crypto Commitment – Government officials have confirmed the city’s crypto commitments at the Hong Kong Web3 Festival as it aims to become a fully regulated crypto hub attracting investment and Web3 startups.