Bitcoin (BTC) fell below $29,000 on April 20, threatening to flip $29,000 to resistance on the day as traders eyed a crucial support zone. Analysts noted that while the Bitcoin market is correcting, the average transactor is still taking profits, indicating that chips are still being taken off the table, and a flush out of top buyers has not yet occurred. Some analysts remained optimistic, noting one-month lows in Bitcoin's relative strength index (RSI) on daily timeframes, which can signal an inbound uptrend. Popular trader and analyst Jelle observed a copycat formation by BTC/USD, which neatly followed a price fractal from 2020, predicting that if the $28,800 support zone could be held for the next week, BTC/USD could break $30,000 soon after.

(By WILLIAM SUBERG)