Bitcoin Climbs Above $41,000 on Wall Street as Gold Plunges and Dollar Cements Highs

Bitcoin (BTC) regained $41,000 on April 14 as the first day of trading on Western exchanges after Easter painted a more bullish picture.

BTC/USD 1 Hour Candlestick Chart (Bitstamp). Source: TradingView

The analysis urges caution with BTC

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD surge above $41,000 on April 19 to hit five-day highs on Bitstamp.

In a refreshing change from the somber atmosphere during the holiday season, the largest cryptocurrency began to replicate what gold had achieved days earlier, with the latter since falling from $1,998 to $1,960 an ounce at the time of writing.

XAU/USD 1 hour candlestick chart. Source: TradingView

Equally energetic, however, has been the US dollar, which continued to consolidate its strength amid an ongoing potential headwind for BTC.

The US Dollar Currency Index (DXY) remained above the crucial 100 mark on the day, with analysts previously predicting that its next move would be a defining moment for crypto.

US Dollar Currency Index (DXY) 1-day candlestick chart. Source: TradingView

As crypto sentiment Coming out of “extreme fear,” monitoring resource material indicators nonetheless called for a level-headed assessment of BTC price action.

Several moving averages, it said on April 19, would need to be reclaimed before the outlook could fundamentally change.

On April 18, however, the account accepted the “bullish” nature of the current chart setup.

The expert is hoping for the RSI bull trigger

Meanwhile, in a now rare bullish flag from the stock market, the S&P 500 reported a bottom signal on April 19 that has historically fueled BTC price gains.

Related: Bitcoin Hodlers Targeting $100,000 Prevent a 40% Price Drop, Data Suggests

The move affects the Stochastic Relative Strength Index (RSI) on the three-week chart. Aurélien Ohayon, CEO of software company XOR Strategy, concluded that it was time for a repeat.

Bitcoin’s own RSI chart looked similarly poised for positive performance. On a daily basis, the RSI was at 44.7 after just breaking above the 14-day moving average, which was a bullish event throughout 2022.

BTC/USD 1-day candlestick chart (Bitstamp) with RSI. Source: TradingView

The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, you should do your own research when making a decision.