- The price of BTC has increased marginally over the past 24 hours.
- Indicators and statistics point to a soon price drop.
Bitcoins [BTC] price has been in a consolidation phase below its new ATH for weeks. If the latest data is to be believed, this trend could last longer, and investors may not see BTC reach new highs until after the halving.
Bitcoin remains slow
AMBCrypto reported rather how the price of BTC plummeted below $66k. The price drop caused $200 million in liquidations across the board in the cryptocurrency market.
However, Bitcoin did show some signs of recovery as its price rose above $66,000. According to CoinMarketCapAt the time of writing, BTC was trading at $66,277.96 with a market cap of over $1.3 trillion, with the crypto expected to rise to at least $67,000 soon.
But investors shouldn’t get ambitious as the trend may not last.
Michael Van de Poppe, a popular crypto analyst, recently posted a tweet highlighting the state of BTC. According to the tweetwas consolidating BTC, and he didn’t expect BTC to touch a new ATH before the upcoming halving event.
For promoters, the next BTC halving is scheduled in 15 days, which will reduce the BTC issuance rate and miner rewards. In fact, Poppe’s analysis also mentioned the possibility of BTC falling to $60,000-56,000 this summer.
Is $60k BTC Support?
Apart from the analysis, AMBCrypto looks at that of CryptoQuant facts also pointed out quite a few bearish metrics that indicated a price drop.
For example, BTC’s net deposits on exchanges were high compared to the average of the past seven days, indicating that selling pressure on the coin was high.
Source: CryptoQuant
Bitcoin’s aSORP was in the red. This meant more investors sold at a profit. In the middle of a bull market, this could indicate a market top. Moreover, selling sentiment among Korean investors was also high, which was evident in the red Korea Premium.
To check whether a downtrend is inevitable, we next checked Bitcoin’s daily chart. We found that the MACD showed a bearish crossover.
The Money Flow Index (MFI) recorded a decline, indicating a further fall in prices. Nevertheless, the Bollinger Bands revealed that the price of BTC was in a less volatile zone, which can prevent the price of BTC from falling sharply.
Source: TradingView
Read Bitcoins [BTC] Price prediction 2024-25
AMBCrypto then checked Hyblock Capital’s data to look for support levels if a BTC downtrend occurs. We found that BTC has strong support around $66k.
However, if the price of BTC fails to test that level, the price could drop to $60,000 if the past price also finds strong support.
Source: Hyblock Capital