Bitcoin Bears and Bulls: Key Support Levels to Watch in April 2023

According to a recent analysis by CoinDesk’s Omkar Godbole, market dynamics are shifting as the 50-day and 100-day Simple Moving Averages (SMA) exhibit a continuing decline, signaling caution for bullish traders. The critical support level on the hourly chart is identified at $83,000; a breach below this threshold could confirm the onset of a bearish trend. In such a scenario, market participants might anticipate a pullback, potentially targeting the recent low around $75,000. Conversely, a daily closing price that exceeds $86,000 could indicate a resurgence in momentum, suggesting a possible continuation of the ongoing market rebound. Traders should monitor these key price levels closely, as they will play a pivotal role in defining short-term market direction.