April 8th Bitcoin Morning Analysis

From the market perspective, since BTC hit a local low of 67,711 on April 8th, it has entered a very strong bullish rally. The price has continuously broken through key levels at 68,000, 69,000, 70,000, and 71,000, reaching a high of around 71,900. Currently quoted near 71,900, the short-term increase exceeds 3,500 points. The bulls are fully dominating the market, and the main upward wave has officially begun.

From the moving average system, the 7-day moving average (70,785.2) and the 30-day moving average (69,256.4) show a perfect bullish alignment. The short-term moving average has strongly crossed above the long-term moving average, and the price has remained above all moving averages, which form a strong support. Every pullback to the moving averages is an opportunity for bulls to enter, indicating a typical trend-based upward structure. The Bollinger Bands are also widening significantly, with the price continuously pushing along the upper band. The bullish momentum is fully unleashed, with a steep upward slope, characteristic of an accelerated rally. As I mentioned last night, once the 68,000 level is stabilized, the price could reach around 71,800. It is recommended to watch for a breakout around 69,300-70,000 towards 72,000, with potential targets of 74,000-75,000.