Technically, Bitcoin is trading below its 50-day moving average of $69,100 but remains above the 200-day moving average of $63,400, suggesting mixed short-term and long-term trends.

As of April 18, Bitcoin's dominance index is at 47.3%, underscoring its strong position within the cryptocurrency market.

Additionally, active Bitcoin addresses have increased by 15% to 980,000, indicating growing network activity and potential accumulation.

The Relative Strength Index (RSI) for Bitcoin stands at 35, indicating that it is not yet oversold and may have further room to decline before a rebound occurs.

The recent contraction of 0.3% in the US GDP during the first quarter of 2025 has raised concerns about a potential recession, which is influencing market sentiment towards Bitcoin.

The current market dynamics, characterized by price declines and increased trading volumes, suggest the potential for a significant upward move in Bitcoin's price, as noted by van de Poppe.

The Bitcoin Fear and Greed Index has dropped to 23, signaling extreme fear among investors, a sentiment often observed at market bottoms.

Trading volumes for Bitcoin have surged to an average of $34.5 billion over the past 24 hours, reflecting heightened market activity and potential investor accumulation.

In particular, the BTC/ETH trading pair experienced a 3.5% increase in volume, reaching $2.3 billion, indicating a shift in investor focus towards major trading pairs.

Despite the increase in trading volume, Bitcoin's price has fallen from $68,923 on April 15 to $65,340 on April 18, marking a decline of approximately 5.2%.

Bitcoin's trading volume against the US Dollar rose by 10% to $34.5 billion, while the volume against Tether increased by 8% to $28.9 billion, showcasing strong liquidity across various trading pairs.

Market analyst Michaël van de Poppe suggested that the current conditions may indicate a potential 'final shakeout' before a significant bullish trend emerges.