Researchers have indicated that Bitcoin stands at a critical point and is facing macro forces capable of influencing its movements in the coming months. During the latest update on the market on April 8, Decentrader called for extra attention to the yearly pivotal price of Bitcoin.
Following two retests at $43,000 in April, Bitcoin has deflated the sentiment of the market as it has reversed its direction nearing $50,000. This movement below the 2022 opening price of $46,200 was a bit hard as it did indicate the price resistance upper limit of Bitcoin since January 1.
As Bitcoin prices moved to lower levels, there have emerged calls for prices at $40,000 or still lower. But Decentrader has indicated that this is the right time to hold for the bull zone. This is seen in the annual pivot, which is a level of $43,500 in 2022, which is right by the spot price of April 8.
Everyone Remains Fixed On The Bitcoin Annual Pivot
Bitcoin was excluded from the annual pivot, which was a level that had remained unbroken in each of the bear markets in the last four-year cycle.
It was disappointing, though expected by the bulls, as it had hoped against hop having soared through the major resistance level, the weekly support level of around $43,000.
If the present scenario really represents a bear run for BTC, any close that is higher than the pivot on high timeframes would be historically significant and be a bull run.
Any break higher than the year pivot would indicate a deviation from the norm of the four-year cycle. It would immediately suggest Bitcoin was on the upward direction to a significant price level. But for now, the weekly levels need the support of bulls to ensure that they do not return into consolidation.
Going past the pivot, it is obvious the next few months will be firmly linked to federal bank policies as steps are taken to rein in runaway inflation.