Price Analysis
  • Vijay Gir
    author-profile

    Vijay Gir right arrow

    Author

    Vijay Gir is a Certified Blockchain Expert with over 8 years of experience in the blockchain industry. He has a deep passion for sharing his knowledge of blockchain, cryptocurrency, and web3 technologies. For the past 7 years, Vijay has been dedicated to writing about these transformative topics, helping others stay informed and understand the evolving landscape of decentralized technologies.

    • 2 minutes read

    Bitcoin Price Prediction: Bull Rally to $84k or Bear Crash to $65k – What’s Next?

    Story Highlights
    • Despite a failed attempt to break through $70,000, Bitcoin has maintained a strong support level.

    • The RSI, MACD, and moving averages are all pointing towards a potential decline in Bitcoin's price.

    • Large-scale selling by early Bitcoin investors and a decreasing number of buyers are contributing to the current price pressure.

    Bitcoin has found solid support at $66,800, an important level for the crypto community. Even though it couldnโ€™t break past the $70,000 mark, the largest cryptocurrency managed to avoid a bigger drop. The 4% correction that followed is seen as healthy for Bitcoinโ€™s long-term growth.

    Letโ€™s take a closer look at the key events happening in the market.

    Bitcoin Faces Rejection – What Next?

    After a tough battle, Bitcoin moved beyond the $66,000 range and made an attempt to reach $70,000. However, the price faced strong resistance and was pushed back. Now, itโ€™s relying on the $66,800 support level while entering a consolidation phase.

    The Relative Strength Index (RSI), which measures market momentum, has fallen to 41.86, showing a slowdown in strength. Bitcoinโ€™s current price of $67,110 is facing resistance from both the 20-day and 50-day moving averages. The next major support lies at the 100-day moving average, which is positioned around $65,000 and serves as a key safety net for buyers.

    Traders Take Big Hits

    The Moving Average Convergence Divergence (MACD) indicator shows that buyers are losing steam, with the figure dropping to -127 points, signaling a short-term bearish trend.

    The recent price volatility has caused over 55,500 traders to lose their positions, with around $117.8 million worth of trades liquidated in the last 24 hours. Bitcoinโ€™s long-to-short ratio has also dropped to 0.94, indicating that while there are still buyers, their numbers are low. Data from Bitcoinโ€™s aggregated order book also confirms a limited presence of active buyers in the market.

    Despite the weakening bullish momentum, Bitcoinโ€™s price is holding steady. Data on whale orders shows why Bitcoin couldnโ€™t break through $70,000. As discussed in earlier analyses, this level is packed with sell orders from large investors, creating significant resistance.

    Bitcoin Price Predictions

    Exhaustion among buyers has resulted in 98% of Bitcoin investors now sitting in profit. The market has also seen a wave of selling from whales holding Bitcoin from the early days of its existence, unloading millions worth of BTC. As the year approaches its end, we may see more price dips if this selling pressure continues.

    However, the rise in Bitcoin ETFs could attract new buyers, potentially lifting prices. If more investors enter the market, Bitcoin could break past $72,000 and aim for a new all-time high near $84,000.

    Is this a buying opportunity for Bitcoin, or should investors wait for a deeper pullback? Your opinion matters!

    Show More

    Related Articles

    Back to top button