Bitcoin has shown some serious resilience lately, bouncing back from recent lows around $75,000 and trying to regain its upward momentum after a shaky April.
A Bullish Signal, But With Caveats
The April monthly candlestick on the CME Futures chart looks super bullish – a “bullish engulfing” pattern. If this holds through the week, it could give Bitcoin a major boost, potentially leading to another bullish month in May. Crypto analyst Tony “The Bull” Severino thinks this could even change some bearish minds. His proprietary “Raging Bull” indicator has even flashed a buy signal on the CME Bitcoin Futures chart. This is a tool that spots the early signs of big price increases.
However, there’s a catch. The signal only appeared on the CME Futures chart, not the spot BTC/USD chart. This difference makes things a bit more complicated. Severino, despite being generally bullish, says we need a confirmed weekly close before celebrating.
The $96,000 – $100,000 Hurdle
The monthly chart shows a clear bullish engulfing candle after Bitcoin’s rebound from its April lows. This suggests increased institutional interest on the CME. But to really confirm this bullish trend, Bitcoin needs to break through the $96,000 to $100,000 resistance level. This area has stopped previous price increases, so it’s a crucial test. Failing to close above this range (weekly or monthly) would likely invalidate the Raging Bull signal.
Furthermore, the Raging Bull indicator needs to turn positive on the spot BTC/USD chart for a truly strong bullish confirmation. This will only happen if Bitcoin significantly surpasses $96,000. As of now, Bitcoin is trading around $94,934.
