Bitcoin Flashes Bullish Signs, But Low Volume Raises Eyebrows

Hold onto your hats, crypto fans—Bitcoin's showing some serious bullish signals, but don't get too excited just yet. The big players are still playing it cool with their cash on the sidelines.

Listen up! On Thursday, April 18, the legendary Scott Melker, aka The Wolf Of All Streets, dropped a bombshell: Bitcoin (BTC) slammed the door shut above the 50-day simple moving average with a candle that could light up a stadium. Sure, it pulled back a bit to $84,349, but it's still proudly standing above the 50-day SMA at $84,202.

$BTC DAILY

Bitcoin didn't just flirt with the 50-day moving average, it married it with a strong daily candle. This isn't just a flash in the pan; it's the first legit close above the 50 MA in months, and that moving average? It's starting to curve upwards again. This is huge, folks. It’s a... pic.twitter.com/JhERbZPmgp

This kind of action? We haven't seen it since February 3. It's like a breath of fresh air, hinting at a possible shift in momentum. But hold your horses—there's a catch. While Bitcoin's above the 50-day SMA, it's still playing hard to get below the 50-day exponential moving average at $85,328.

Low Volumes Mean Bad News for Bitcoin

Here's where things get sticky. Bitcoin's been popping in and out of that level like it's playing hopscotch over the past week, but it just can't seem to stick the landing. And guess what? Melker's got his eye on something else—the trading volume's as low as a snake's belly, suggesting buyers are still tiptoeing around the market.

Check this out: on April 17, trading volume on the big exchanges was a measly 8,000 BTC. Compare that to just a week ago on April 9, when it was strutting its stuff at around 26,000 BTC. That's a massive drop, people.

So what's the deal? Investors are probably waiting for some good news from the macro world, which has been about as scarce as hens' teeth lately. We've got this ongoing trade war with major U.S. partners stirring up fears of a recession. And don't even get me started on the Federal Reserve—they're dragging their feet on support because they're scared U.S. tariffs, especially those on China, are going to set off domestic inflation like a firework.

Here's the bottom line: Bitcoin's got a tough nut to crack at the $85,000 level, where it's bumping up against a long-term descending channel that started at its January all-time high. If those volumes keep sinking lower, Bitcoin could find itself sliding down to the channel's midline at around $75,000. Buckle up, folks—it's going to be a wild ride.