The crypto market has recorded a drop of 1.77% in the past 24 hours, from $2.34 Trillion to $2.32 Trillion. Following this, the market leader, Bitcoin price has displayed a neutral trend over the past week.
With the present market sentiments, will Bitcoin price regain momentum and retest its upper resistance level of $71,000? Or will the star crypto experience a pullback at its $65k range? In this article, we have covered the in-depth analysis of Bitcoin (BTC) crypto token.
BTC Price To Retest It’s Important Support Trendline?
After recording a strong bullish recovery over the past week, the Bitcoin token has started this week on a bearish note. Moreover, this cryptocurrency has dropped ~4% within the past 72 hours. This suggests an increase in the selling pressure in the market.
The Moving Average Convergence Divergence (MACD) displays a constant decline in the green histogram with its averages recording a high possibility of a bearish convergence in the 1D time frame.
Moreover, the SMA indicator experienced a negative crossover during the early Asian trading hours. This suggests a volatile price action for the price of Bitcoin this week.
Bitcoin ETF Update:
Reportedly, over the past 24 hours, Blackrock’s “IBIT” recorded the highest inflow of $43 million, followed by Fidelity’s “FBTC” with $8.8 million, and VanEck’s “HODL” with $3.8 million. Notably, 7 ETFs including Grayscale, Bitwise, Invesco, and Franklin have recorded a neutral flow.
On the other hand, Ark’s “ARKB” has lost $134.7 million during this period. With this, the total flow for the day concluded at (-)$79.1 million. With this, the BTC ETF broke its inflow streak of 7 days, highlighting a potential bearish trend reversal in the market.
Will BTC Price Hit A New ATH This Month?
If the market regains momentum, the Bitcoin price will retest its important resistance level of $69,000. Maintaining the price above that level will set the stage for it to head toward its next major resistance level of $71,000 during the upcoming weeks.
On the contrary, if the bears continue gaining power, the BTC crypto will retest its support trendline of $66,726. Furthermore, if the bearish sentiment intensifies, this could result in it plunging toward its lower support level of $62,000.
Will this cryptocurrency achieve the $100k mark? Read our Bitcoin Price Prediction 2024 – 2030!
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