Bitcoin Price News: BTC Eyes Key EMA as It Stretches Near $78K Target

Bitcoin (BTC) has gone up by nearly 9% since April started, as market sentiment continues to improve despite persistent geopolitical tensions.

Oil retreated below $100 earlier this week and came close to hitting $90 as President Trump said that he sees the war with Iran ending very soon.

The Crypto Fear and Greed Index has been recovering, as the market apparently agrees with this view. This sentiment gauge has risen from an Extreme Fear reading of 5 just a couple of months ago to 53 at the time of writing, indicating a strong shift in investors’ attitude.

Meanwhile, short liquidations spiked to $200 million today, bringing the 7-day total to $1.2 billion. This is an early indication of a short-squeeze in the making, as BTC keeps breaking key resistances.

Net inflows to exchange-traded funds (ETFs) have also started the week with a positive tone, as these vehicles brought $300 million in the first three days.

Bitcoin Could Still Rise by Another 14%

Looking at the daily chart, we can see that BTC has formed an ascending triangle pattern. This is a bullish setup that could anticipate a strong rally ahead if the price breaks out of the $78,000 resistance.

So far, the odds favor a retest of this key level, and we may see BTC rising to $82,000 in the near term if that happens as part of a normal reversion to the mean move.

Our ultimate target for what could still be categorized as a relief rally, until proven otherwise, would be $85,000, meaning a total upside potential of 14%.

BTC Remains on Track to Hit Our $78K Target

If you have been paying attention to our latest predictions, we recently shared a potential trading opportunity that involved opening a long position at $69,000, following Bitcoin’s bounce off a key trend line support.

That trade has already yielded a 2.5x return based on the parameters set forth in that article, and is still in positive territory.

We set a take-profit target for this trade at $78,000, as this is BTC’s key resistance to watch in the daily chart. The top crypto rose to $76,000 on Tuesday, and the selling pressure started to increase at that point.

We got a buy signal on Monday, right after BTC hit $70,000. This was our baseline scenario as well in our latest price prediction, and the market came through.

Not a Bad Time to Take Some Profits

The price action shows clear signs that the uptrend is not yet over. At this point, the odds that this trade will hit its target are quite high.

In the 4-hour time frame, the Relative Strength Index (RSI) just dived from 71 (overbought) to 54, moving below the 14-period moving average. As long as the oscillator remains above 40, the rally is not over yet.

That said, this could be a good time to take some profits off the table, and move the stop price to breakeven to ensure that this position finishes in green.