Bitcoin is looking bullish in April, according to the weekly market report released by PrimeXBT on April 3. There are several factors contributing to this optimistic investor outlook.
Although Bitcoin has been meeting resistance at the $29,000 level, April has historically been the most bullish month for the cryptocurrency. Bitcoin has returned more than 20% in April, on average, according to the report.
The report also says that the Bitcoin Accumulation Trend Score suggests aggressive BTC accumulation is taking place. This behavior suggests a bullish Bitcoin.
While the market report paints an overall rosy picture for Bitcoin, the United States Dollar has taken important hits. For example, China and Brazil have decided to settle bilateral trade agreements in Yuan instead of Dollars.
France and China also settled its first LNG deal in Yuan. The DXY Dollar Currency Index dropped by -0.51%, suggesting a slump in USD investor sentiment.
Read the full April 3 report here. PrimeXBT is a major cryptocurrency exchange. It is known for its derivatives investing opportunities, as well as for its more standard trading options. Read more in our full PrimeXBTR review.