Will Bitcoin (BTC) Price Fall Below $60k This Week?

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The Bitcoin (BTC) price outlook is cautious as whales with 100 to 1,000 BTC stabilized their holdings since March 25, indicating a pause in accumulation. Concurrently, the RSI dropped from 76 to 69, suggesting a short-term cooling.

Moreover, EMA lines are nearing a death cross, potentially signaling an upcoming downtrend for BTC. These indicators collectively point towards a guarded stance for Bitcoin’s near future.

Bitcoin Whales Slow-Down Accumulation

Since March 24, the number of wallets holding between 100 to 1,000 BTC, often referred to as “whales,” has remained relatively stable, fluctuating slightly between 13,872 and 13,841. This stability suggests that these significant holders are currently not accumulating more BTC.

Whales are substantial cryptocurrency holders who have the power to influence market movements significantly due to the sheer size of their transactions. Their activity is closely monitored as it can provide insights into market trends and potential price movements.

The steady behavior of Bitcoin whales suggests their interest may be fading, crucial in a market driven by sentiment and momentum. This pause in buying could reflect a dip in confidence or a cautious stance from these major players.

Such a trend could spell a bearish outlook for BTC shortly. If other investors believe whales are losing interest or turning bearish, they might rush to sell, fearing a market fall. This reaction could start a cycle where fear of a decline actually leads to one.

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RSI Has Been Falling

The Bitcoin (BTC) 7-day Relative Strength Index (RSI) is at 69, shy of the overbought marker yet not in oversold territory. This balance may hint at a decreasing interest in Bitcoin. This indicates a phase of consolidation where neither buying nor selling forces dominate.

The RSI serves as a momentum gauge in technical analysis, assessing recent price fluctuations to determine if an asset is overbought (above 70) or oversold (below 30).

This means that, at 69, Bitcoin is on the cusp of being considered overbought, but its stabilization in this neutral zone indicates a lack of momentum either way. Six days ago, the RSI dropped from 76 to 69 as BTC price began to stabilize in the $68,000 to $72,000 range.

This decrease from previously higher levels suggests a cooling off in the fervor around Bitcoin. The drop in RSI, coupled with price stabilization, can be seen as an indicator of declining interest or a collective pause among investors, potentially setting the stage for a shift in market dynamics if new buying or selling pressures do not emerge.

BTC Price Prediction: Falling Below $60k This Week?

BTC Exponential Moving Average (EMA) lines are nearing a death cross, a pattern often seen as a bearish market signal. The death cross happens when the short-term moving average falls beneath the long-term average, indicating that recent momentum is waning compared to the broader trend. This shift suggests the market might be moving from bullish to bearish conditions.

Unlike simple moving averages, EMA lines prioritize recent price action to be more reactive to changes. They smooth price data over time, tracking price trends based on past performance to simplify market direction analysis. This method enhances the ability to discern the market’s path, making EMA lines crucial in technical analysis.

Currently, if the bearish trend indicated by the nearing death cross continues, BTC’s price could drop to $59,200, especially if the $62,300 support level proves insufficient to hold the decline. This potential fall could reflect increased selling pressure and weakening market sentiment towards BTC.

Read More: Bitcoin Price Prediction 2024/2025/2030

However, there’s also a possibility for a reversal of this trend. If buyers regain control and push the market into an uptrend, BTC could challenge the $71,700 resistance level. Overcoming this barrier would require significant buying pressure but could signal a renewed bullish sentiment and a potential reversal of the current bearish outlook.

The post Will Bitcoin (BTC) Price Fall Below $60k This Week? appeared first on BeInCrypto.

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