Bitcoin’s price has dropped by a margin of 5% from its recent high, and the market is again closely watching to see if it will be able to sustain the $63,000 support level. Here, traders are alarmed at its short-term future after the sale was made at a recently attained $66,000 earlier this week.
In our analytical data based on external sources, by the end of the calendar year 2024, Bitcoin’s price can be expected to reach $63,682; moreover, various indicators signal that the price will likely decline.
Bitcoin Price Drops to $63,682
Bitcoin recently tested $66,000 as a high, but the price quickly retraced as selling volume picked up. The price on the 1-hour chart declined to the level of $63,259, which is the critical price for continuing ongoing correction.
Said Jamie Redman, a market analyst: “This sell-off was mainly caused by the reasons of technical overbuying and rising market volatility. This is because the technical signals that traders get are mixed up and this makes them to be very careful about the future.
This means that during the sell-off, the volume established a high level of bearish pressure but did not force a price breakout of around $63,259. This area could be used as the temporary support level. The big question now is whether Bitcoin’s price can maintain its position above this range or if there are further declines ahead.
Technical Indicators Suggest Mixed Sentiment for Bitcoin Price
Right now, the bitcoin price has created a confluence zone where many technical signals are more or less neutral. Bitcoin price on the 4hr chart has also reverted back from $66,508 and has since been under pressure lower. Volume stays high, thus supporting the bearish thesis, but a consolidation zone is established between $63,000 and $64,000.
Bitcoin is near an important support level. In case the Bitcoin price stays above $63k there’s a chance to rise back to the $64,500- $66,000 range. The prior episodes involve this region as both a feature and barrier for the clients active in the given market.
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Analyzing the daily chart from a broader viewpoint, the BTC/USD came off from higher ground after a significant up move that began at $52,546. The correction phase has now left Bitcoin price at a very important stage. Should the price turn lower, one can expect to see more losses and the nearest targets at $60,000 and $58,000.
“Looking at momentum indicators, we can see they are flat and in the middle; this is mid-range and means the market has not made a decision. But the MACD is at the moment showing a bullish divergence, which could be a sign of a possible recovery in the near future,” said Redman in his latest analysis.
Can Bitcoin Price Rebound, or Will the Sell-Off Continue?
Given the tight range observed in April, with Bitcoin price at or around the $63,000 support level, traders are in search of their next hint. It stays in the negative territory in the short term as the momentum can make a new low, according to Stochastic. On the other hand, more extended signals such as the 50 period a and 100 period a moving averages are signaling that it is time to buy.
Mixed means it is expected in the middle; it shows the current state of the market. On the one hand, if the BTC price remains above $63,000, there will be a pullback to the range of $64,500-$66,000. On the other hand, failure to maintain such a level will cause more selling pressure with bitcoin price heading towards $60000 or as low as $58000.
Many traders are now bearish about the market, but there are some who think that there is still hope for it. If Bitcoin is to maintain the significant support area, there is still enormous scope for a reversal in its trend since the MACD line has turned bullish with a divergence to the downside.
Conclusion: Bitcoin Price at a Pivotal Moment
Bitcoin is now in the optimum range, testing $63,000. It has been ranging between a rebound or free fall, and the determining factor will depend on whether selling pressure is short-term or long-term. Bitcoin is believed to have a significant price area at $63,000-$64,000; an extended stay above/below this zone might define the directionality of Bitcoin’s future price developments.
Since Bitcoin is down to 5 percent within the week and by the time the market approaches the coming days, the Bitcoin market will either start to hope for a price upturn with a solid basis or the continual lowering of the Bitcoin price. Keep following TheBITJournal and keep an eye on Bitcoin price trends.
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The price predictions and financial analysis presented on this website are for informational purposes only and do not constitute financial, investment, or trading advice. While we strive to provide accurate and up-to-date information, the volatile nature of cryptocurrency markets means that prices can fluctuate significantly and unpredictably.
You should conduct your own research and consult with a qualified financial advisor before making any investment decisions. The Bit Journal does not guarantee the accuracy, completeness, or reliability of any information provided in the price predictions, and we will not be held liable for any losses incurred as a result of relying on this information.
Investing in cryptocurrencies carries risks, including the risk of significant losses. Always invest responsibly and within your means.
