Bitcoin Weekly Forecast: Is the Value Drop Over?
đ This week, Bitcoin's price plunged over 6%, ending Friday with a rejection at a key resistance level. The rising tensions between Israel and Iran led to a sharp decline in risk assets, including Bitcoin. By Thursday, $288.4 million had exited US spot Bitcoin ETFs, signaling reduced institutional demand.
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đ» The geopolitical situation caused Bitcoin to slide further, with some experts predicting it could drop to $55,000. Despite this, bulls are holding firm at critical support levels, indicating possible stabilization.
đ„ On Monday, Bitcoin faced a rejection after a positive close last week, dropping 3.5%, partly due to reduced investments in US Bitcoin Spot ETFs. Iran's missile launch toward Israel triggered a further 4% drop on Tuesday, while $500 million in liquidationsâincluding $140 million in BTCâwere reported, intensifying the selling pressure.
đ QCP Capital foresees a potential further dip to $55,000 if the geopolitical tensions worsen. Bitcoin ETFs experienced a $240.60 million outflow on Tuesday, the worst since early September. By Wednesday, Bitcoin attempted a recovery, but another $52.90 million left ETFs.
đĄ BlackRockâs analysis shows Bitcoin behaving similarly to traditional risk assets during global conflicts but outperforming gold and the S&P 500 over 10- and 60-day periods.
đ Thursdayâs sell-off momentum slowed, but with an additional $54.20 million outflow, institutional demand remained weak. However, Bitcoin was stabilizing near $60,000 on Friday.
đ Technically, Bitcoin faced a resistance zone, causing a 6% drop, with support near $55,400 aligning with the 50-week EMA. The Relative Strength Index (RSI) hovers around the neutral 50 level, signaling indecision among traders.
đč On the daily chart, Bitcoin found support near $59,904 (200-day EMA) and was trading above $61,500 by Friday.$BTC
