- Bitcoin price action experiences a small pullback to start April.
- Ethereum price stopped at $3,500, may retrace further before extending higher.
- XRP price was hammered lower on Thursday by nearly 10% but recovered.
Bitcoin price fell from the $48,000 to the $44,000 value area, ending the month's final day on a lower note but still positive for the month. Ethereum price continues to charge ahead, leading the crypto market out of the recent selling pressure. XRP price continues to recover from a major sell-off on Thursday.
Bitcoin price to continue moving higher despite Thursday selling pressure
Bitcoin price is expected to continue its rally higher despite the drop on Thursday. Historically, April is one of the best-performing months for Bitcoin. Years when the month of April did not yield a positive gain, losses didn't exceed the 2% level.
The $47,000 price level remains the strongest area of resistance for Bitcoin to close above. $47,000 contains the top of the weekly Ichimoku Cloud and the 61.8% Fibonacci retracement level. And above that is the weekly Kijun-Sen at $51,250.
BTC/USD Daily Ichimoku Kinko Hyo Chart
Upside potential going into the weekend is likely limited to the $48,000 value area, while downside risks are more substantial. Because Bitcoin price remains inside the Ichimoku Cloud, its primary support level now exists at the bottom of the Cloud (Senkou Span B) at $37,800.
