The price of the leading cryptocurrency may correct by 10–15% following an unsuccessful attempt to break through the $89,000 resistance and the stochastic RSI entering the overbought zone. This scenario was suggested by a trader known as Roman_Trading.
$BTC 1D
As we approach horizontal resistance, I wanted to show that the last 4 times stoch RSI has been overbought, we’ve seen a 10-15% correction.
Would make perfect sense as a resistance rejection is also in play as $SPX moves lower. pic.twitter.com/V3Mf9B6LIZ
— Roman (@Roman_Trading) April 21, 2025
“Such an outcome would be logical, given the downward momentum in the S&P 500,” he explained.
Trader Daan Crypto Trades noted Bitcoin’s unsuccessful attempt to break through the 200 DMA and diagonal resistance from below.
$BTC Interesting spot.
Broke above the Daily 200EMA (Blue) and diagonal resistance. So far, saw a sharp rejection from the Daily 200MA (Purple).
Fun won’t start until we get some daily closes back above the previous range low at ~$90K.
Important to hold ~$85K below I’d say. pic.twitter.com/4H7i3O8Qkk
— Daan Crypto Trades (@DaanCrypto) April 21, 2025
“The fun won’t start until we get some daily closes above the previous range low at $90,000. It’s important not to let the price fall below $85,000,” the expert commented.
Trader Cas Abbé is confident that a reversal has already occurred. In his view, the current rebound is not a “bull trap” due to whale accumulation, the emergence of a Coinbase premium, and macroeconomic factors.
The global markets are in complete chaos
Yet, $BTC is trading above $87K and showing immense strength.
Is this the sign of reversal or just a bull trap?
A thread: ??
— Cas Abbé (@cas_abbe) April 21, 2025
“The $74,000-75,000 zone was the bottom for Bitcoin. Most altcoins have already shown their lows. We may see a sustained rally,” he added.
As reported in CryptoQuant, a surge in open interest for perpetual contracts on digital gold was recorded, which in the past has been accompanied by an acceleration of positive dynamics.
Earlier, BitMEX co-founder Arthur Hayes predicted a rise in the value of the leading cryptocurrency above $100,000 due to the U.S. Treasury’s buyback of government bonds.