Bitcoin Price Prediction as BTC Consolidates at Support – When is the Next Move ?
The Bitcoin price has dropped by 0.5% in the past 24 hours, with its reading of $66,155 also making for a loss of 0.7% in the past hour.
Its minor change comes as the cryptocurrency market as a whole falls by 0.5% today, with BTC down by 4.5% in a week.
However, the market’s biggest cryptocurrency holds onto a nice 148% gain in a year, with much of this increase stemming from January’s launch of several Bitcoin ETFs.
And given that it almost always leads market rallies, its next move up should arrive very soon.
Bitcoin Price Consolidates at Support – When is the Next Move Up?
Bitcoin has been having a rough time since June 7, when it dived from around $71,000 to $69,000.
Since then it has declined even further, dripping to $66,000 today and showing the signs of poor momentum.
For one, its relative strength index (purple) has declined to 40 today, having spent nearly two weeks mostly below 50.
Source: TradingView
At the same time, BTC’s 30-day moving average (orange) continues to remain well below the 200-day (blue), implying that it and the coin’s price should recover soon.
However, one thing not supporting an imminent recovery is the coin’s support level (green), which like the resistance level (red) has been dropping steadily for a while now.
At the moment, it seems that whales are likelier to offload BTC, with some perhaps still taking profits from the coin, which remains considerably higher than where it was a few months ago, let alone a year ago.
Yet the fact that it is still up is good news, since it suggests that Bitcoin remains within a longer term upwards trend.
It’s likely that it rally again soon, both because the market has oversold it a little, and because we expect the first spot-based Ethereum ETFs to launch in the next few weeks.
When this happens, the whole market will receive a lift, including BTC.
And more generally, the market is likely to pick up more towards the end of the year, with the Federal Reserve likely to introduce a much-anticipated rate cut by September.
Such cates may pave the way for more funds and institutions to buy into the existing BTC ETFs, pushing the Bitcoin price higher.
It could reach $70,000 by the end of the summer, and top $80,000 by the end of 2024.