Another volatile weekly start, with BTC hitting the lows and altcoins bleeding heavily. It’s been a couple of months of Bitcoin halving, and the current price action seems to be similar to previous 60-day post-halving periods. It is speculated that the OG whales may have sold over 50,000 BTC in the past 10 days, worth around $3.30 billion. Recently, we have also seen a huge drop in the miner balance, which increased after the halving, which may have fueled the bearish rally.
The start of the weekly trade was extremely bearish for Bitcoin. After a strong fight between the bulls and the bears, the bears successfully executed the trade. However, the price bounced back after reaching the bottom, suggesting the presence of bulls at these levels. Therefore, a positive trade may occur, if the BTC price succeeds in defending certain levels.
The BTC price remains within the same consolidation and has slipped heavily in the past few days. The inverse head and shoulder pattern remains in play, which suggests a strong rebound may be on the horizon. For this, the BTC price is required to attract fresh liquidity, and hence an extended descending trend may persist. However, the BTC price is required to hold $64,900, which may trigger a bounce back towards $67,000 to $68,000. Or else, if it breaks down, expect the next support at $63,200, which is a strong trend reversal zone.
However, RSI is bearish, and hence a continued descending trend may drag the levels below $63,500 before the weekend.
The current market analysis suggests the fear is very high across the crypto space, including Bitcoin and all the altcoins. Whenever fear is this high, it usually suggests a high opportunity range, as it is a low point before a major bounce. Despite the latest drop, the BTC price still holds where it needs to be in the short term for a potential bounce. However, Bitcoin continues to lie within a bullish range; hence, a potential bounce may be expected hereafter.
Also Read : Shiba Inu Touches Monthly Low Amid Declining Whale Interest: Will Bulls Gain the Control of SHIB Price?
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