Bitcoin price hovers close to All time high value and is showing accumulation in the last few sessions. The BTC price currently trades close to $69,400 and has dropped nearly 2.60% in Intraday.
The Bitcoin price started off the week with a negative note on Monday and has dropped nearly 2.60% in Intraday on Monday. At press time, the crypto was hovering close to $69,400 and has loomed towards the lower boundary of the accumulation.
Earlier, the BTC/USD pair has been witnessing an accumulation near the previous all time high value. The accumulation has been of nearly six intraday sessions and the pride hasn’t been able to find a clear direction since then.
On the higher side, the $71,600 level has been acting as a supply and stooping to price to rise further. Whereas, on the lower side, $68,076 level has been acting as a demand and preventing further fall.
The long term trend outlook is bullish due to which a breakout of the range is anticipated. Also, the key moving averages are leaving a positive note which adds a confirmation for a breakout.
Whereas, if the BTC price breaks the lower boundary of the accumulation and 20 day EMA, it may head straight towards the 50 day EMA. The 50 day EMA is currently placed at $62,700 which is also the previous support zone.
The volume analysis shows that Bitcoin received $24.25 Billion volume inflow in the past 24 hours which is nearly 38% higher than the previous day. The live market capitalization of BTC cryptocurrency is 1.371 Trillion USD. The volume to market capitalization ratio is 1.74% indicating low volatility.
The above chart demonstrates the number of addresses holding a particular amount of Bitcoin along with the change in time. Starting from the smaller one, given below is the number of wallets holding from 0 to 1,000,000 Bitcoins by the end of March 2024.
No of Bitcoins No of addresses 0 to 0.0001 BTC:- 28.2 Million 0.0001 to 0.01 BTC:- 11.79 Million 0.01 to 0.1 BTC: 7.91 Million 0.1 to 1 Bitcoin: 3.51 Million 1 to 10 BTC: 856.19 K 10 to 100 BTC: 137.16 K 100 to 1,000 BTC: 13897 1,000 to 10,000 BTC: 1961 10,000 to 100,000 BTC: 106 100,000 to 1,000,000 BTC: 3
The technical indicators imply a bullish outlook in the short term as BTC price hovers higher than the key exponential moving averages of 20, 50 and 200 days. The short term EMAs are aligned above the larger EMA of 200 days suggesting a trend continuation until the price is maintained above the 20 day EMA.
At the time of writing, the RSI line was placed at 55.98 points and that of the SMA line 55.66 points. Both the RSI and SMA line were placed above the mean line suggesting a positive outlook in the short term. Also, a bearish crossover of both the lines is observed indicating a possible correction in the price. Bitcoin Price Prediction April 2024.
The short term trend outlook positive which may trigger a breakout of the current accumulation range. On the higher side, the short term traders and investors may target previous ATH as the 1st level of profit booking. If the momentum resumes, then the Investors may hold till the $80,000 level.
Also, in case of breakdown of the accumulation, the BTC price may go volatile and might retrace the 50 day EMA if it lowers below the 20 day EMA. Conclusion. The Bitcoin price is exhibiting an accumulation near the $70,00 level for the last six consecutive sessions. The crypto started off the week on a negative note and has lowered by 2.60% in Intraday indicating the intention to stay in the range as of now.
The long term trend outlook is bullish due to which a breakout is anticipated. Any sustained move above $71,600 level may drive the price near the next targets of $75,000 and $80,000.
Technical levels: Support levels: $65,500 and $62,000 Resistance levels: $71,650 and $73,890
Disclaimer The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.