Bitcoin reaches $41K(R 610k) on Wall Street open, as gold falls and the dollar maintains its highs.

As Wall Street trading resumes in the first session following Easter, Bitcoin carves out its own path.
Bitcoin (BTC) regained $41,000(R 610k) on April 14, as the first day of Western stock market trading following Easter painted a more bullish picture.

In a welcome change from the gloomy mood of the holiday season, the largest cryptocurrency began to mimic what gold had done days before, with the latter falling from $1,998 to $1,960 per ounce (R 29.7k – R29.2k) at the time of writing.
The US dollar, on the other hand, was equally energized, continuing to cement its strength as a potential headwind for BTC.

The US dollar currency index (DXY) remained above the critical 100 mark on the day, despite analysts previously predicting that its next move would be a make-or-break moment for cryptocurrency.
Despite the fact that crypto sentiment has exited “extreme fear,” monitoring resource Material Indicators has called for a level-headed assessment of BTC price action.
On April 18, however, the account acknowledged the current chart setup’s “bullish” nature.

Pundit pins hope on RSI bull trigger
Meanwhile, the S&P 500 posted a bottom signal on April 19, a now-rare bull flag from the stock market, which has historically fueled BTC price gains.

The stochastic relative strength index (RSI) on the three-week chart is involved in the move. The CEO of software firm XOR Strategy, Aurélien Ohayon, concluded that a repeat performance was now due.

On April 19, it stated that several moving averages needed to be reclaimed before the outlook could change fundamentally.

Bitcoin’s RSI chart appeared to be similarly primed for a positive performance. On daily timeframes, the RSI was at 44.7, having recently risen above the 14-day moving average in what has been a bullish event throughout 2022.

Nonhlanhla P Dube

Nonhlanhla P Dube is a senior news reporter at Rateweb. Nonhlanhla is a student of International Relations at the University of South Africa. She reports primarily on personal finance and economics. You can contact her directly by email at [email protected]

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