Bitcoin Price Prediction: The cryptocurrency market initially experienced significant selling pressure this week due to Bitcoin halving uncertainty, followed by geopolitical tensions in the Middle East. The accelerated supply action sent BTC price to a low of $61,600, extending the correction across most major altcoins. Will the upcoming halving swing market sentiment back in favor of buyers?
Also Read: Galaxy Digital CEO Says Bitcoin Will “Resume Its Uptrend” After Epic Bloodbath
Will BTC Price Lose $60,000 in a Market Selloff?
Bitcoin price| Trading view
Over the past two months, Bitcoin price has moved sideways, struggling to overcome supply pressure at $73,800. Earlier this week, the coin price hit a new low at $71,755, an early sign that traders are selling on increasing bullish momentum.
The bearish reversal from the above resistance saw the coin value fall by 8.3% and is currently at $65281. However, due to geopolitical tensions between Iran and Israel, BTC price fell to a low of $61,600. The nature of this asset as a macro hedge in the financial market sparked a remarkable rally.
Additionally, 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, worth around $680.83 million, could signal a strategic response to recent market changes.
This accumulation amid the corrective trend suggests that smart money is expecting Bitcoin price to rise again and push overhead resistance to new highs again.
If the potential reversal persists above the 50-day EMA, buyers could target resistance at $71,755 and $73,800.
In contrast, downside support for BTC hovers at $61,600 and $57,400.
Also Read: 5 Altcoins to Buy for 10x Profits Ahead of Bitcoin Halving
Technical indicator
- Exponential moving average: The 50-day EMA slope provides suitable support to buyers during the market correction.
- Moving Average Convergence Divergence: A bearish crossover between the MACD and the signal indicates an active corrective trend in BTC.
Related Articles
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.