Bitcoin Breaks Out of Consolidation but Analysts Warn of Chasing High Risks

BroadChain has learned that at 04:46 on April 19, according to NewsBTC, Bitcoin experienced a significant 11% rebound after weeks of consolidation, indicating a shift in market momentum and attracting investor attention. However, on-chain analyst GugaOnchain pointed out on the CryptoQuant platform that now is not the best time to enter the market. Although the MVRV ratio (1.3856) has broken above the 30-day moving average (1.2947), and the Binance buy/sell order ratio shows active buying, the current MVRV value remains far below the 365-day moving average (approximately 1.8620), indicating that the market has not yet entered an overheated phase. Technical analysis shows that while Bitcoin's daily chart has broken above the resistance of the ascending channel, the Relative Strength Index (RSI) has reached 67.85, approaching the overbought zone of 70, suggesting a high probability of a short-term pullback. Analysts recommend that investors wait for a pullback to the channel support range of $70,000-$65,000 before buying, rather than chasing the rally at the current resistance breakout. As of press time, Bitcoin is trading at approximately $77,014, up 2.8% for the day.