Scott Melker Highlights Bullish Bitcoin Signals, But Warns About Low Trading Volume+ tite

Bitcoin Shows Bullish Signs, But Low Volume Keeps Traders Alert

Bitcoin has finally started flashing some positive signals, but there’s still a reason for caution.

On April 18, popular crypto analyst Scott Melker, also known as The Wolf Of All Streets, highlighted that Bitcoin managed to close above its 50-day simple moving average (SMA) with a strong daily candle. The price corrected to around $84,349, but still held above the SMA level of $84,202 — something that hasn’t happened since early February.

This could be an early sign of a potential trend shift, suggesting the bulls might slowly return to the market.

However, the story isn’t fully bullish yet. Bitcoin is still struggling to move above its 50-day exponential moving average (EMA), which stands at $85,328. While the price has crossed this line a few times during the week, it couldn’t hold the momentum for long.

On top of that, Melker also flagged one more concern: low trading volume. Even with these bullish chart signals, the lack of strong buying activity shows that many traders are still staying cautious. Until volume picks up, the breakout might not be fully confirmed.