Bitcoin has now exceeded the $31,000 benchmark for the first time in ten months as the global economy continues to experience a downturn. Experts claim that central banks are now turning away from their previous tightening policies.
Current Market Situation
The start of April saw a consolidation period as traders were still trying to comprehend the banking crash the previous month, and the Federal Reserve’s 25 basis point rate increase.
The bulls began to return to the market after the release of the non-farm payrolls data, which showed a decrease of 326,000 in March.
The consumer price index was also released, and the Bitcoin price has since risen to $30,000, coming off its 18-month low.
Retail sales have also dropped in the US.
April Outlook
As of now, Bitcoin’s price stands at a record high of $31,000 since last year.
At the beginning of the month, BTC was trading at a low of $19,628.25 on March 10, and at the time of writing, BTC/USD had reached a high of $31,005.61.
One of the catalysts for this surge was a breakout on the relative strength index (RSI) for 14 days.
The RSI has surpassed its previous 68.00 ceiling, reaching a peak of 72.44, indicating that the market is currently in an overbought state.
Despite this, the index reached a high of 89 in January, meaning that further gains may still be in store for the coming months.
However, if the RSI falls below 68.00, the bears may return.
Do you have any thoughts on where Bitcoin is headed next? Let us know in the comments below.
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