Bitcoin, the most valuable cryptocurrency, is currently facing a critical moment in its price trend. A significant signal from a crucial market indicator may forecast a possible drop in Bitcoin’s worth. Yet, it’s essential to take note of an important caveat.
In a recent tweet, crypto expert Ali signaled that the TD Sequential indicator on Bitcoin’s 12-hour price chart has given a sell warning.
The perspective I’m advocating for is reinforced by the current situation where Bitcoin encounters resistance at its midpoint within a parallel channel. If Bitcoin fails to break through this significant price mark, it could lead to a temporary decrease in value.
The TD Sequential signal suggests selling Bitcoin on the 12-hour chart as it has signaled a sell position. Be aware that Bitcoin is currently encountering resistance at the midpoint of its parallel channel. However, exercise caution as this indicator has a history of inaccuracies. Keep a close eye on Bitcoin’s price if it falls below the $65,500 support level.
— Ali (@ali_charts) April 24, 2024
Ali adds a note of warning for Bitcoin buyers to exercise caution, given this indicator’s track record. The most important thing to watch is if BTC drops below the $65,500 support level.
At the moment of composition, BTC‘s price dipped below the marked point, representing a decrease of 2.67% or $16,932 in the preceding 24 hours to reach $65,168. It’s worth noting that April’s mid-point has often seen a downturn for BTC prices historically.
Based on Greekslive’s latest findings, Bitcoin’s implied volatility has noticeably dropped following the halving event. The figure went down from 75% to 65%, reaching a new minimum since March.
Members of the cryptocurrency world closely follow Bitcoin’s price movements after the halving event to predict its future direction.
Here’s the catch
Although there’s been a cautionary note about Bitcoin’s short-term cost fluctuations, investors generally maintain a hopeful outlook.
Based on data from cryptanalysis firm Santiment, the group of Bitcoin investors holding between 1,000 and 10,000 coins (approximately 266,000 more Bitcoins) have bought an additional 1.24% of the total supply since early 2024. This increase comes with a strong sense of fear of missing out (FOMO).
In addition, other significant Bitcoin indicators are experiencing a rise. For instance, Bitcoin miner revenues have surged to new peaks following the halving, according to mining analyst Willy Woo. Similarly, Bitcoin’s supply distribution has improved noticeably in recent months, with a substantial increase in the number of large Bitcoin holders observed on the blockchain.
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2024-04-24 19:22