The price of Bitcoin decreased during the weekend due to reports of increasing conflicts between Iran and Israel. However, despite the prevailing apprehension in the market, the bullish momentum might still continue.
Bitcoin Price Technical Analysis
By TradingRage
The Daily Chart
Bitcoins daily price chart shows it bouncing back and forth between the larger price range of $60,000 and $70,000. After a recent price decrease, Bitcoin touched the $60,000 mark, serving as a potential support level.
Despite a setback, Bitcoin has regained momentum and is now attempting to surpass the $68K barrier again. If this hurdle is conquered, investors may look forward to reaching a new record-breaking price.
The 4-Hour Chart
On the 4-hour chart, the price has bounced back strongly from the $60K mark, acting as a solid support. The Relative Strength Index (RSI) is nearing the 50% threshold, suggesting that the market could be shifting towards a bullish trend soon.
If the price reaches $68K in this scenario, it may surge back up towards its record-high of $75K and even beyond. Conversely, if the price falls below the crucial support level of $60K, there’s a risk of a significant downturn that could severely undermine the ongoing bull market.
On-Chain Analysis
By TradingRage
Bitcoin Realized Price UTXO Age Bands
The decrease in Bitcoin’s price recently has caused unease amongst some market players, resulting in a few selling in a panicked manner. However, the majority of investors continue to make substantial gains.
This chart demonstrates the realized price UTXO age bands. The realized price is a good measure of the average price market participants have bought Bitcoin. Divided by age bands, each band shows the realized price of a specific cohort based on when they have entered the market.
The majority of people who purchased Bitcoin within the past month are currently facing losses on their investments. It’s likely that some of these investors are frantically selling their coins right now, intensifying the market downturn and potentially leading to a decrease in Bitcoin’s price over the short term.
Despite the fact that many investors are still making a profit, the supply may not be large enough to cause concern since it can likely be bought up by interested purchasers.
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2024-04-15 15:35