Story Highlights:
- Bitcoin Fear and Greed Index at 72% shows that the overall market sentiment is still bullish.
- A high level of demand was seen at $61600 for the falling BTC.
- Bitcoin’s intraday volume is $66,9. This is a gain of 79%.
Bitcoin price forecast: The cryptocurrency market initially felt significant selling pressure due to the uncertainty surrounding Bitcoin’s halving. This was followed by the geopolitical tension that occurred in the Middle East. BTC’s price fell to $61600 as a result of the accelerated supply. Most major altcoins also experienced a correction. Will the next halving change the sentiment of the market back to buyers?
Read also: Galaxy Digital’s CEO says Bitcoin will “resume its trend higher” after epic bloodbath.
Is BTC going to lose $60000 in the market sell-off?
Over the past two months, the Bitcoin price has been trading sideways struggling to overcome supply pressure at $73800. Earlier this week, the coin price established a new lower high at $71755 level reflecting an early sign of traders selling on bullish bounces.
The bearish turnaround from the aforementioned resistance plunged the coin value 8.3% to currently trade at $65281. However, geopolitical tension between Iran and Israel plunged the BTC price to a low of $61600, this asset’s nature as a macro hedge in the finance market triggered a notable rebound.
Moreover, a Bitcoin whale withdrew 598 BTC from Binance as the market fell, part of a larger move totaling 10,158 BTC since mid-March, as tracked by Lookonchain. This series of withdrawals, amounting to approximately $680.83 million, could signal a strategic reaction to recent market shifts.
This whale withdrew 598 $BTC($37.78M) from #Binance again after the market dropped.
Since the $BTC price dropped from its peak on Mar 14, this whale has withdrawn 10,158 $BTC($680.83M) from #Binance at an average price of $67,026.
Address: 1L7gnfBJhK9ZwUcw2Lx93BPHmcd1tsxeTs pic.twitter.com/rgspysCSWc
— Lookonchain (@lookonchain) April 14, 2024
This accumulation amid the correction trend indicates that smart money expects the Bitcoin price to rebound and rechallenge the overhead resistance for new highs.
If the potential reversal sustains above a 50-day EMA, the buyers could tackle the resistance at $71755 and $73800.
On a contrary note, the downside support for BTC wavers at $61600 and $57400.
Also Read: 5 Altcoins to Buy for 10x Gains Before Bitcoin Halving
Technical Indicator
- Exponential Moving Average: the 50-day EMA slope provides buyers suitable support during the market correction.
- Moving Average Convergence Divergence: A bearish crossover between the MACD and the signal indicates an active correction trend in BTC.
Related Articles
- Crypto Price Prediction 4/14: Top Altcoins to Hold Amid Geopolitical Tension in Middle East
- Why Bitcoin Price Tumbles To $60K Ahead Halving, How Low Can Bitcoin Go?
- Bitcoin (BTC), Altcoins Enters Recovery Mode, Is The Bottom In?
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.