In the last day, the cryptocurrency market suffered a significant blow, shedding more than $110 billion in total value. The global cryptocurrency market cap took a nosedive by over 4%, plummeting from $2.47 trillion to $2.36 trillion. Bitcoin, the leading digital currency, saw its price drop below $64,000, hitting a low of $63,589. This downward spiral has been pinned on diminishing trading volumes and escalating uncertainty.
While some traders remain bullish on the overall market trajectory, others are worried that factors like the lack of trading volumes and rising uncertainty are prompting caution in the short term, especially after the recent Bitcoin halving.
The period following Bitcoin’s recent halving has been characterized by significant ups and downs. March witnessed Bitcoin soaring to a new all-time high of $73,000. However, it subsequently experienced several corrections, including a dip below $60,000 amid global geopolitical tensions. Despite intermittent relief rallies and bouts of volatility, Bitcoin once again finds itself in the red, sparking concerns of further retracement.
Analyst Ali Martinez has identified two crucial sell signals for Bitcoin. Firstly, a death cross between the 50 and 100 Simple Moving Averages (SMA) has emerged, signaling a potential downturn.
Secondly, the TD Sequential has flashed a red 9 candlestick, indicating a possible reversal in trend.
Technical indicators are painting a concerning picture for Bitcoin. The TD Sequential tool, renowned for predicting trend shifts based on historical data, recently issued a sell signal on the 12-hour chart. Furthermore, the emergence of a death cross pattern on the same chart, where the short-term moving average falls below the long-term moving average, adds to the apprehension.
Also Check Out: Bitcoin Price Prediction 2024-2030: Will BTC Price Cross The $100K Milestone Post-Halving?
Expert Analysis
Martinez’s analysis suggests that if Bitcoin breaches the $63,300 mark, it could plummet to $61,000 or even $59,000, raising anxieties about breaking the crucial $60,000 support level.
Kaiko, an on-chain analytical firm, has attributed Bitcoin’s 6% downturn in April to geopolitical unrest. While traditional safe-haven assets like gold and the US Dollar rallied amidst market turbulence, Bitcoin failed to capitalize on this, sparking concerns about its resilience in the face of global uncertainty.
Despite its robust performance earlier in the year, Bitcoin has encountered hurdles of late. While it boasts a year-to-date increase of 52.22%, it has seen a 10.17% decline over the past month. Nevertheless, it managed to notch a 3.57% uptick on the weekly chart.
At the time of writing, Bitcoin is trading at $63,827, reflecting a 3.77% drop in the last 24 hours. Investors are closely monitoring the situation amid apprehensions of a potential cryptocurrency price downturn.
Read Also: Bitcoin Funding Rate Turns Negative: Is This a Good Buying Opportunity?
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