Bitcoin Price Prediction: Initially, the cryptocurrency market experienced significant selling pressure this week due to uncertainty surrounding the Bitcoin halving and subsequent geopolitical tensions in the Middle East. Accelerating supply pushed BTC price to a low of $61,600, extending the correction for most major altcoins. Will the upcoming halving shift market sentiment back in favor of buyers?
Also read: Galaxy Digital CEO says Bitcoin will “return to upward trend” after disaster
Will BTC price drop by $60,000 amid market decline?
For the past two months, Bitcoin price has been trading sideways, struggling to overcome supply pressure at $73,800. Earlier this week, the coin price hit a new low at the $71,755 level, reflecting early signs that traders are starting to sell on a bullish rebound.
The bearish reversal from the aforementioned resistance has caused the coin’s value to drop by 8.3% and is currently trading at $65,281. However, geopolitical tensions between Iran and Israel caused the BTC price to fall to a low of $61,600, and the asset's nature as a macro hedge in financial markets caused a notable rebound.
Additionally, Bitcoin whales withdrew 598 BTC from Binance as the market fell, part of a larger move tracked by Lookonchain totaling 10,158 BTC since mid-March. This series of withdrawals, amounting to approximately $680.83 million, may represent a strategic response to recent market changes.
This accumulation amidst a correction trend indicates that smart money expects Bitcoin price to rebound and re-challenge the overhead resistance towards new highs.
If the potential reversal persists above the 50-day EMA, buyers could tackle the resistance levels at $71,755 and $73,800.
Conversely, BTC’s downside support is swinging between $61,600 and $57,400.
Also Read: 5 Altcoins to Buy to Make 10x Returns Before Bitcoin Halving
technical indicators
- Exponential moving average: The slope of the 50-day EMA provides adequate support to buyers during market corrections.
- Convergence-divergence of moving average: The bearish crossover between MACD and the signal indicates an aggressive correction trend for BTC.
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