Over the past few weeks, Bitcoin‘s price has been stabilizing rather than advancing beyond the $75K threshold. However, signs indicate that this could shift soon.
Bitcoin Price Analysis: Technicals
By TradingRage
The Daily Chart
On a day-to-day basis, Bitcoin’s price continues to be sandwiched between the resistance at $68,000 and the support at $60,000. Despite this, the bulls have recently gained ground and managed to bring BTC closer to the $68,000 mark.
If the price surpasses $68K, it could lead to further increases. Conversely, falling below $60K could result in a significant downturn, potentially causing the price to plummet down to around $52K in a brief timeframe.
The 4-Hour Chart
On the 4-hour chart, the price pattern changed following a revisit to the $60K support area. The market is now forming new highs and lows, indicating a push towards the $68K resistance point.
The Relative Strength Index is now exceeding the 50% mark, suggesting that the market’s momentum is supporting a near-term rise towards Bitcoin’s price of $68,000.
On-Chain Analysis
By TradingRage
Bitcoin Miner Outflow
With Bitcoin’s price exhibiting some indications of bouncing back, investors ponder if the bull run will persist. Some may be in quest of the cause behind the price surge halt at $75K. The following graph could provide insight.
The line graph depicts the average daily transaction volume from Bitcoin miners’ wallets over the past 30 days, indicating this metric known as Bitcoin miner outflow. A surge in outflows often signals heightened selling activity.
In January and February, there was a noticeable increase in the rate at which miners were selling their cryptocurrencies. This selling pressure has played a role in the recent price decline. However, the pace of miner sell-offs has slowed down lately, as indicated by a decrease in outflows from miner wallets. If this trend persists, it’s reasonable to expect that the market will head upwards towards higher prices in the near future.
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2024-04-22 15:03