A prominent market analyst, Axel Adler Jr., believes that Bitcoin is entering a positive phase after a significant drop in selling pressure on top exchanges. The asset’s price chart still looks weak in the short term, according to several analysts.
In Q1, Bitcoin closed at its worst level in seven years, down 12% from its peak. However, with Q2 underway, Adler argues that Bitcoin is in an asymmetric demand zone, where sellers appear exhausted while buyers are content with current prices. This view is supported by a 64% drop in selling pressure on top exchanges since December.
Adler notes that the current market dynamics could lead to a supply shortage, sparking an impulsive move to the upside. He expects this move to be foreshadowed by consolidation in April and May. Despite this, some analysts, including Mathieu, believe that Bitcoin’s chart still looks weak.
Mathieu argues that bullish confirmation would come if Bitcoin reclaims its 200-day moving average and $92,000 as support. However, others, such as HTL-NL, suggest that the asset’s bounce will determine its eventual direction. The market is also expecting significant volatility this week due to key economic releases and President Trump’s tariff announcement.
At the time of writing, Bitcoin is trading near $85,000, up nearly 2% over the past 24 hours. While the asset has historically performed well in April, it remains to be seen whether it can extend its winning streak this year.
Source: https://finance.yahoo.com/news/bitcoin-asymmetric-demand-zone-says-193041397.html