The Bitcoin price is holding steady above $84,000, defying pressure from a fresh lawsuit targeting Coinbase. As of April 20, BTC has closed eight straight sessions above $83,000, signaling strength even as U.S. regulators ramp up scrutiny.
⚖️ Oregon Lawsuit Targets Coinbase—but BTC Stays Strong
Oregon’s Attorney General, Dan Rayfield, filed a lawsuit against Coinbase, accusing the exchange of promoting unregistered crypto assets to local investors. The state claims this exposed consumers to pump-and-dump risks and fraud.
Rayfield stated:
“After building trust with Oregon consumers, Coinbase sold high-risk investments without proper vetting.”
Coinbase’s Chief Legal Officer, Paul Grewal, dismissed the action as a “desperate scheme,” calling it a setback for crypto policy.
Yet, Bitcoin hasn’t flinched. After briefly dropping to $74,300 on April 9 amid China-U.S. tensions, BTC rebounded fast following better-than-expected U.S. inflation data. It’s now back above $84,500.
💪 Bitcoin Outperforms Big Tech as Risk Appetite Returns
While U.S. tech stocks like NVIDIA and Microsoft stumble, Bitcoin is up nearly 12% since April 12. NVIDIA alone shed over 7% this week due to a massive $5.5 billion China-related charge.
Meanwhile, investors are turning to BTC as a hedge against market volatility. Even as the Federal Reserve signals a hawkish stance, Bitcoin continues rising—decoupling from risk-off trends in traditional markets.
This performance reinforces Bitcoin’s growing appeal as a macro asset, not just a tech speculation play.
📉 BTC Exchange Balances Drop—Bullish Signal?
One of the most promising signs for Bitcoin bulls is the massive outflow from exchanges. Since April 12, over 14,000 BTC have been withdrawn from centralized platforms.
Data from CryptoQuant shows this shift aligns perfectly with Bitcoin’s return above $80,000. When traders pull coins off exchanges, it often signals stronger long-term conviction—and lower available supply.
Historically, these moves mark local bottoms and set the stage for new rallies.
📈 Bitcoin Technical Analysis: Breakout or Breakdown?
Bitcoin is now consolidating just under descending trendline resistance at $85,489. A tight coil is forming between higher lows and slightly lower highs—a classic breakout setup.
Key indicators include:
- Support at $84,632 from the 4-day SMA
- Resistance near $85,500
- Buy Balance Power (BBP) at 1,553.76, showing buyers have control
- Average Daily Range at 3.06, pointing to low volatility and possible expansion
If BTC closes above $85,500, we could see a quick move toward $88,000. On the flip side, losing $84,000 support might drag the price back to $82,300.
📊 Outlook: Bitcoin Poised for Next Leg Up?
Despite legal action against Coinbase, the Bitcoin price breakout remains on track. Market sentiment is strong, technical patterns are bullish, and exchange outflows suggest long-term holders are doubling down.
With institutional interest rising and macro conditions in flux, Bitcoin could test $88K or even $90K soon. As Q2 unfolds, all eyes are on whether BTC can reclaim its all-time high—or push even higher.
