Bitcoin (BTC) closed the week upward 15.4% at $6,775 and has started the day with a further 6% move to the upside, breaching the $7,000 handle and making highs at $7,300.

Looking at performance relative to its peers, Ether (ETH) and EOS have posted an impressive 16% proceeds over the last 24 hours. As a outcome, Bitcoin dominance is down 1.5% at 65%.

Crypto market daily price chart. Source: Coin360

The total cryptocurrency market capitalization breached the $200 billion level, breaking from the diagonal resistance dating back to February when the total market place value briefly touched $300 billion.

Total Cryptocurrency Market place Capitalization chart. Source: TradingView

The cryptocurrency market as a whole is up 86% off its lows of a trivial over $100 billion but still down 30% from its 2022 highs. This highlights the volatility in the market over the concluding few weeks.

Bitcoin weekly timeframe

BTC USD weekly chart. Source: TradingView

Bitcoin closed the week with a large bullish candle subsequently standing to find ownership interest at the 200 week moving boilerplate (WMA). The 100 WMA halted progress at $seven,000 just the Stochastic relative forcefulness index oscillator has crossed bullish and shows momentum is all the same favoring the bulls.

Trading book continues to decline, but it remains higher than average. For context, we can meet that ownership involvement final week was similar to that seen in October 2022 when Bitcoin catapulted from $7,200 to $ten,400. This would advise that there is withal strong buying involvement in the market place.

Above the 100-WMA is a cluster of resistance, along with the 20-WMA which typically defines whether Bitcoin is in a bull or a bear marketplace. In addition, both the 100 and 200-calendar week moving averages are in this area and both take played an important part as resistance in the past.

Amid the moving averages is also the yearly pivot point at $eight,100, so if the bulls can continue their progress through the 100-calendar week moving average, in that location is footling resistance to the upper $7,000s.

Bitcoin daily chart

BTC USD daily chart. Source: TradingView

As shown on the daily timeframe, Bitcoin bankrupt through the previous trading range highs and too the 100 WMA after finding support on the point of control at $6,600. The MACD indicator is showing a clear trend continuation to the upside and nigh to cantankerous its zero line meaning that the 12 and 26 EMAs on toll are about to cantankerous bullish on the daily timeframe.

If Bitcoin can shut the day beyond $7,200 it would clearly signal that bulls are in full control later on  printing a higher high afterward a succession of higher lows. This would imply that the path is clear until the resistance effectually $8,000.

Bitcoin iv-60 minutes nautical chart

BTC USD 4-hour chart. Source: TradingView

The 4-hour chart shows that Bitcoin toll is currently across the 100 WMA which has been providing resistance at the peak of the trading range. The book profile visible range (VPVR) shows that there has been very little book traded at prices upwardly to the next price involvement zone of $7,850 where the xx WMA also lies.

The MACD is crossed bullish and is printing higher highs on its histogram which demonstrates momentum in cost remains bullish.

Furthermore, the Chaikin Coin Period indicator (CMF) which looks at the amount of Coin Flow Volume over the last 20 periods shows that there is a bullish divergence within the volume. This is indicative of relative buying pressure.

Looking forward

It is articulate from the current price action that there is little selling interest and buyers are in control.  Traders in profit on curt positions or shorting the trading range announced to notice that there is petty supply to a higher place.

CME Bitcoin Futures Commitment of Traders nautical chart. Source: TradingView

The CME Commitment of Traders report issued on April three showed that institutionally sized traders once again reduced their net short position in the market.

While the global economic markets proceed to face unprecedented uncertainty around monetary policy, Bitcoin could prove to be an bonny vehicle to safeguard against both inflation and counterparty risks which were not present only a short time ago.

$8,000 is the key level the bulls need to repossess before the market could be considered as being back in a balderdash market.

With niggling over a month to go until the halving and little selling involvement at current prices, Bitcoin continues to expect upwardly at the key resistances, but despite the swift recovery from $iv,000, the markets remain a shaky environment in which to be a bull.

The views and opinions expressed here are solely those of the author and do not necessarily reverberate the views of Cointelegraph. Every investment and trading motion involves risk. Y'all should acquit your own enquiry when making a conclusion.