A leading analytics platform says that if Bitcoin continues to rise, previous support levels may now act as resistance.

Bitcoin is showing signs of recovery following a volatile week that saw downward pressure across the crypto market. The asset dropped from $84,000 to a five-month low near $74,000 earlier in the week.

Notably, this decline came amid heightened geopolitical tensions, as both China and the European Union imposed retaliatory tariffs in response to recent U.S. trade policy changes. However, market conditions shifted following a policy development on April 9, when President Donald Trump announced a 90-day suspension of all tariffs except those targeting China. 

Mixed Signals Despite Price Recovery

Following the policy announcement, Bitcoin rebounded from its 365-day moving average (MA), which currently stands at $76,100. According to on-chain data provider CryptoQuant, this MA has historically acted as a significant support level, having held during critical market phases in August 2024, July 2021, and December 2021.

The price recovery at this point is seen as technically relevant, especially given the moving average’s prior importance during bullish and bearish transitions. However, a sustained break below this level would historically indicate the start of a bearish cycle.

Despite the recent bounce, Bitcoin’s investor sentiment remains subdued. CryptoQuant’s Bull Score Index, which evaluates market momentum, currently stands at 10, marking its lowest level since November 2022. The platform noted that if the index stays below 40 for an extended period, this could reflect prolonged bearish sentiment.

Meanwhile, if Bitcoin continues in its rebound, the path to recovery may face resistance ahead. CryptoQuant identified the $84,000 and $96,000 levels as key zones to watch. According to the platform, these levels, which once acted as support earlier in the cycle, could now serve as the first lines of resistance.

Diverging Momentum Indicators and Investor Behavior 

While on-chain data points to weakening sentiment and potential resistance ahead, some technical indicators and investor behavior present diverging signals.

Technical analysis from Carl Moon, founder of The Moon Show, highlights Bitcoin’s 14-period Relative Strength Index (RSI), now hovering around 46. The RSI has rebounded from a long-standing support level near 44, which previously signaled bullish reversals. 

Once #Bitcoin breaks above this weekly RSI resistance, it will absolutely fly.

Accumulate $BTC while it's cheap. pic.twitter.com/oSlkhtfS54

— Carl Moon (@TheMoonCarl) April 11, 2025

Each previous breakout above weekly RSI resistance has aligned with strong Bitcoin price rallies. Now, with RSI again near support and knocking on the trendline resistance, a major breakout to $130,000 could be imminent.

Meanwhile, investor activity is adding to the ongoing tension in market behavior. Data from Santiment on Thursday showed a significant increase in accumulation among large holders.

Over the past 24 hours, 132 new wallets holding more than 10 BTC were added, bringing the total to 152,000. Simultaneously, wallets with under 10 BTC rose to 54.69 million, suggesting that accumulation is occurring across different investor tiers. Typically, holder accumulation reduces Bitcoin’s supply, which is subsequently followed by a price uptick.

During this press, Bitcoin is trading at $82,206, up 2.1% in the past 24 hours.