Bitcoin climbs above $41K on Wall Street open as gold dives, dollar cements highs

Bitcoin (BTC) reclaimed $41,000 connected April 14 arsenic the archetypal time of Western banal marketplace trading aft Easter painted a much bullish picture.

BTC/USD 1-hour candle illustration (Bitstamp). Source: TradingView

Analysis calls for caution connected BTC

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD spiking supra $41,000 during Tuesday, reaching five-day highs connected Bitstamp.

In a refreshing alteration to the gloomy ambiance implicit the vacation period, the largest cryptocurrency began to transcript what golden had achieved days prior, the second since declining from $1,998 to $1,960 per ounce astatine the clip of writing.

XAU/USD 1-hour candle chart. Source: TradingView

Equally energized, however, was the U.S. dollar, which continued cementing its spot successful an ongoing imaginable headwind for BTC.

The U.S. dollar currency scale (DXY) remained supra the important 100 people connected the day, with analysts antecedently predicting that its adjacent determination would beryllium a make-or-break moment for crypto.

U.S. dollar currency scale (DXY) 1-day candle chart. Source: TradingView

As crypto sentiment exited "extreme fear," monitoring assets Material Indicators nevertheless called for level-headed appraisal of BTC terms action.

Several moving averages, it said Tuesday, needed to beryllium reclaimed earlier the outlook could fundamentally change.

Before you get excessively excited astir yesterday's #Bitcoin PA, punctual yourself that bulls request to reclaim these cardinal moving averages to validate a inclination reversal. To debar imaginable bull trap, ticker for measurement and hold for confirmations. https://t.co/26BLOFwenL pic.twitter.com/r219S4YYCv

— Material Indicators (@MI_Algos) April 19, 2022

On Monday, however, the relationship acknowledged the "bullish" quality of the existent illustration setup.

Pundit pins hopes connected RSI bull trigger

In a present uncommon bull emblem from the banal market, meanwhile, the S&P 500 posted a bottommost awesome connected Monday, which has historically spurred BTC terms gains.

Related: Bitcoin hodlers targeting $100K is what's preventing 40% terms drawdown, information suggests

The determination involves the stochastic comparative spot scale (RSI) connected the three-week chart. Aurélien Ohayon, CEO of bundle steadfast XOR Strategy, concluded that a repetition show was present due.

— TAnalyst (@AurelienOhayon) April 18, 2022

Bitcoin's ain RSI illustration looked likewise primed for affirmative performance. On regular timeframes, RSI stood astatine 44.7, having conscionable climbed supra the 14-day moving mean successful what has been a bullish lawsuit passim 2022.

BTC/USD 1-day candle illustration (Bitstamp) with RSI. Source: TradingView

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