Bitcoin price quietly sets new 10-week high as trader sees $88K in weeks

CointelegraphApr 173 min readOriginal source →

TL;DR

Bitcoin reached a new 10-week high of $77,027, with traders predicting a potential rise to $88,000 in the coming weeks. The focus now shifts to the $72,800 level for the next weekly candle close.

Key points

Bitcoin hits its highest levels in ten weeks
BTC price strength may bring back $88,000
$72,800 becomes the level to watch for the next weekly candle close
Market focus shifts from geopolitical nerves

Bitcoin (BTC) refreshed February highs on Friday as attention focused on the upcoming weekly close and a longer-term rally to $88,000.

Key points:

Bitcoin hits its highest levels in ten weeks as markets abandon geopolitical nerves.
BTC price strength may bring back $88,000 in just two to four weeks, a trader predicts.
$72,800 becomes the level to watch for the next weekly candle close.

Bitcoin price local peak brings hope of $88,000

Data from TradingView confirmed new ten-week highs of $77,027 on Bitstamp.

BTC/USD one-hour chart. Source: Cointelegraph/TradingView

BTC price action attempted to capitalize on recent strength across risk assets, with geopolitical tensions and uncertainty over global oil supplies increasingly priced in. A ceasefire between Israel and Lebanon appeared to further boost market confidence.

On Thursday, the S&P 500 hit 7,050 points for the first time in history, sealing its highest-ever close and its second all-time high of the week.

S&P 500 one-day chart. Source: Cointelegraph/TradingView

Commenting, crypto trader Michaël van de Poppe said that Bitcoin should soon gain more thanks to reduced macro volatility, notably in the VIX volatility index.

“As long as the VIX continues to fall, and we're in a new equilibrium, where oil volatility goes down, Gold volatility significantly drops,” he wrote in a post on X.