๐๐๐ Will Bitcoin (BTC) Price Fall Below $60k This Week?
The Bitcoin ($BTC ) price outlook appears cautious as larger holders, commonly known as #Whales , holding between 100 to 1,000 BTC have stabilized their holdings since March 25, indicating a pause in accumulation. Additionally, the Relative Strength Index (RSI) has dipped from 76 to 69, suggesting a short-term cooling in momentum.
Furthermore, the Exponential Moving Average (EMA) lines are approaching a death cross, a pattern often interpreted as a bearish signal for BTC. This occurrence, where the short-term moving average falls below the long-term average, may indicate a shift towards a downtrend.
The stability in the number of wallets holding significant amounts of BTC suggests a lack of further accumulation by whales. This behavior could signify a diminishing interest or a cautious stance from these influential players, potentially impacting market sentiment and prompting other investors to follow suit.
The RSI, a momentum indicator, currently stands at 69, indicating a balance between buying and selling pressures. While not in the overbought territory, the RSI's decline from higher levels suggests a cooling off in Bitcoin's fervor, coinciding with a stabilization in its price range.
The nearing death cross of the EMA lines, which prioritize recent price action, underscores the potential for a shift from bullish to bearish market conditions. If this trend continues, BTC's price could potentially decline to $59,200, especially if the $62,300 support level fails to hold.
However, there remains a possibility of a reversal if buyers regain control and drive the market into an uptrend. Breaking through the $71,700 resistance level could signal renewed bullish sentiment, challenging the current bearish outlook for Bitcoin.
Source - beincrypto.com
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