There are signs of a Rebound in the market in April, and it suggests that a rise trend may begin in the short-term 【bitbank chart analysis】 | CoinDesk JAPAN

Will the monthly chart record a bullish candle for the first time in 3 months?

[Source: bitbank]* Bitcoin's monthly candlestick for April may become a bullish candle for the first time in three months. Attention is on whether it can maintain the current high levels until next Wednesday. This month, despite the worsening macroeconomic environment due to Trump's tariffs, Bitcoin has shown resilient movements. It is currently at a level approximately 21% below the January high (17,109,000 yen), but considering the impact of the yen's appreciation in the foreign exchange market, it is evident that the bottom is indeed becoming firm. If it surpasses the three-month moving average (3EMA) that indicates a bullish price movement, the likelihood of a trend reversal in the market increases.

On the weekly chart, there is a high possibility of three consecutive bullish candles in the near term

[Source: bitbank]* The Bitcoin weekly chart is currently above the 8-week moving average (8EMA) and showing bullish price movement. Since falling below the moving average in the first week of February, the market has seen a sharp change and has been sold off, making it an important technical indicator. Although the weekly chart was sold off at the beginning of the month, the first week ultimately resulted in a bullish candle, and if this week also ends in the positive, it will mark three consecutive weeks of bullish candles. This week, it is noteworthy whether it can finish trading above the moving average.

Daily chart shows strong movement breaking above moving averages

[Source: bitbank]* This month, Bitcoin started trading at 12.39 million yen. It rose to 12.82 million yen in one day, but due to the impact of Trump's tariffs, the market was dominated by selling at the beginning of the month. The daily candlesticks before and after the tariff announcement alternated between bullish and bearish, causing significant fluctuations in the market. At one point, it fell to the 10.8 million yen range, but the market gradually regained strength without collapsing. It has now risen to the 13.2 million yen range and is above the 14-day moving average (14EMA). The movement breaking away from the moving average is a rare development. In the short-term, a bullish price movement is observed.

On-chain Data Trends

! [Source: Glassnode]! [Source: Glassnode]* On-chain data gives favorable signals for buying. The BTC held on the exchange in the first image has fallen sharply recently. Users are withdrawing spot BTC, suggesting a decrease in selling demand. It indicates that the physical goods on the market are running out. The second image suggests that long-term investors are increasing their physical holdings. Since the second half of March, the amount of holdings has been on an upward trend, indicating that buying has increased at the lows. It is believed that the market in April was supported by long-term investors.

Summary

• This week's market has shown quite strong movements, with charts suggesting a rise trend from the short-term. When the monthly chart surpasses the moving average line, it suggests with high probability that the downward trend has rebounded. Given that gold is also being bought in the financial markets, it is believed that Bitcoin is in a situation where it is likely to be bought as a refuge for funds liquidated due to turmoil in the financial markets. On-chain data also indicates that buyers are at an advantage, and attention is focused on whether the upward trend will re-enter in May. Although Bitcoin was sold in February and March, there is a flow of buybacks due to sudden changes in the market environment.

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