July 24, 2024

Solid State Lighting Design

Find latest world news and headlines today based on politics, crime, entertainment, sports, lifestyle, technology and many more

Bitcoin Drops Below $65K – Why a Rise to $91K Could Be Next

Bitcoin Drops Below K – Why a Rise to K Could Be Next
  • Bitcoin’s value has fallen by more than 4% in the past seven days.
  • Market indicators continue to remain bearish on BTC.

Bitcoin [BTC] The performance over the past seven days has been disappointing, with its price falling below the $65,000 level. Price corrections sparked fear among investors. However, this trend may end soon as historical trends point to a potential bottom for the market.

Bitcoin hits the market bottom

Coin Market Cap Data It revealed that Bitcoin has fallen by approximately 4.5% in the past seven days. In fact, in just the past 24 hours, the price of the king of cryptocurrencies has fallen by more than 2%.

At the time of writing, Bitcoin is trading at $63,931.44 with a market cap of over $1.26 trillion.

Meanwhile, Santiment recently published a tweet Highlighting an interesting development. According to the tweet, the market was mainly afraid or uninterested in Bitcoin, with prices ranging from $65,000 to $66,000.

“This extended level of FUD is rare as traders keep giving up,” the tweet stated. “Bitcoin trader fatigue, combined with whale accumulation, generally results in patient reward bounces.”

To find out if Bitcoin is indeed approaching the market bottom, AMBCrypto analyzed Glassnode data.

The Pi Cycle Top indicator indicated that BTC price has fallen from the expected market bottom of $66.5K. This clearly indicates a rise in prices in the coming days.

For starters, the Pi Cycle indicator consists of the 111-day moving average and a 2x multiple of the 350-day moving average of the Bitcoin price.

Going forward, if things turn bullish, BTC could also reach a market high of $91k in the coming weeks or months.

Pi Cycle Top Indicator for Bitcoin

Source: Glassnode

I look forward

Like the data above, some other metrics also looked bullish. For example, at the time of writing, BTC Fear and Greed Index With a value of 37%, meaning that the market was in the “fear” stage.

See also  The S&P 500 had its worst day in over a month, and the Dow closed down 600 points.

Whenever the gauge reaches this level, it indicates that the chances of an upward rally are high.

but, AMBCrypto’s look at CryptoQuant data revealed some bearish metrics. For example, the exchange reserve of BTC has been increasing.

Its net deposits on exchanges were high compared to the average of the past seven days, meaning selling pressure on Bitcoin was high.

Source: Cryptoquant

is reading Bitcoin [BTC] Price prediction 2024-25

We next planned to take a look at the daily chart of BTC to better understand whether the bulls are preparing for a rally. We found that most indicators were bearish.

The MACD indicator showed a clear downward trend in the market. The Relative Strength Index (RSI) registered a decline. BTC’s Chaikin Money Flow (CMF) also followed a similar downtrend, indicating continued price decline.

Source: Trading View