In simple terms, the value of Bitcoin dropped by 3% in the last 24 hours to reach $64,840. This isn’t an isolated event as other cryptocurrencies like Ethereum and Solana also experienced declines of 2.1% and 4.5%, respectively. The overall crypto market has seen a decrease of 2.4%, resulting in a current market cap of $2.52 million.
Bitcoin Price Analysis As Resistance Threatens Bullish Sentiment
Since the Bitcoin halving event recently, there’s been optimism among investors about the top Bitcoin’s price reaching beyond $70,000.
Despite the effort put in by investors to discern a definitive path, their uncertainty and growing restlessness persists due to the lack of clarity. The Bitcoin price encountered resistance at $67,000, making it necessary for it to surmount additional liquidity before confirming a rise above $70,000.
On Wednesdays report from CoinGecko, Bitcoin dipped down to $64,295. This decline might encourage some traders to purchase at this price. However, it’s premature to dismiss the possibility of further slipping to $60,000 before Bitcoin recovers.
According to Santiment’s essential finding, the sentiment towards Bitcoin has become increasingly mixed since the halving occurred. Typically, Bitcoin’s price has surged following this significant event in its history. This historical trend is currently fueling optimistic expectations among investors.
In contrast, Santiment analysts believe that reaching prices of $75,000 and then $100,000 hinges significantly on the actions of large investors (whales and sharks), the re-entry of dormant coins into circulation, and the network’s profitability. Other factors also play a role in this prediction.
The Bitcoin halving on April 19th has passed, leaving behind a divisive account. While the majority are optimistic based on past price trends following such occurrences, whether Bitcoin can reach prices as high as $75,000 or even $100,000 hinges largely upon:
— Santiment (@santimentfeed) April 24, 2024
More Pain For Investors As Sell Signals Increase
In simpler terms, the easy path for the market is shifting toward a downward trend as various signs point towards bearish conditions. It’s important to mention that the support level at $64,000 may not last long, considering the MACD indicator shows a buy signal on the four-hour chart.
The fact that Bitcoin’s price is below the 20-day, 50-day, and 200-day moving averages on the chart indicates that we are currently experiencing a correction in the market.
If Bitcoin ends the day below $64,000, some traders might think about selling it short with the target of $60,000. At these lower levels, there could be an increase in market activity that might lead to a more significant price shift, potentially pushing the price back up above $70,000.
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2024-04-24 22:29