28.04.2020 BTC Daily Analysis

28.04.2020 BTC Daily Analysis

Today, Bitcoin has reached the overbought region. The market is reacting to a downward move. The price is retracing for a possible rebound to break the $8,000 resistance. The bulls are likely to face strong resistance at the $8,000 price level. Presently, BTC has fallen to level 60 of the Relative Strength Index period 14. It indicates that the market is the uptrend zone and it is likely to rise. Ya'an, one of the many cities in China's mountainous Sichuan province, a region that's estimated to account for over 50 percent of Bitcoin network's computing power, has recently issued public guidance – likely in its first – to seize the "strategic opportunity of the blockchain sector" so that they can help consume the area's excessive hydropower electricity. The Ya'an city's guidance also emphasized that electricity to be used by blockchain firms should come from generated power that's being connected to the state grid.