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The April 21 session delivered a "cold shower" for bulls. While volatility is making traditional markets turn red, a decisive battle is unfolding on Bitcoin's price chart. On the weekly timeframe, the price has stalled at the middle Bollinger Band - a technical equator that right now separates a prolonged correction from a rapid push toward new yearly highs at $96,900.
Despite a nearly 4% spike in the VIX "fear index" and a local pullback in the S&P 500, the Bollinger model points to a specific target. A breakout and consolidation above the middle band historically turns it into strong support, triggering a move toward the upper band. At the moment, that level is clearly defined at $96,600 for Bitcoin.
Bitcoin vs. the energy shock
On the weekly $BTC/USD chart by TradingView, the price is trading around $75,777, showing a slight decline. The attempt to secure a position above the Bollinger "equator" near $76,763 has not yet succeeded. The price is flirting with this level but lacks the momentum needed for a breakout toward the upper band at $96,600.
If $BTC fails to hold above the local support at $75,763, the market risks returning to a zone of uncertainty, delaying the move toward all-time highs.
The energy shock explains why Bitcoin has stalled. Brent and WTI are up more than 3.2-3.5%, trading above $96 and $88 respectively. This is a direct reaction to concerns over a potential breakdown of the Middle East situation. Notably, gold (-1.80%) and silver (-3.59%) are falling alongside the market.
Can the leading cryptocurrency ignore rising oil prices and chaos in metals to confirm its status as "digital gold"? Bitcoin has repeatedly shown its ability to rise on a "wall of fear." If the current attempt to reclaim the middle band ends in a bullish victory, the path to $96,600 will no longer be just a projection.
en.bitcoinsistemi.com
cointelegraph.com