Bitcoin to the moon! – Matthew Sigel, the head of crypto research at VanEck, sees a price of $350,000 by 2030. This optimism is fueled by growing interest from politicians, and the positive impact of ETF approval.
The price of Bitcoin had a complicated week, falling below $66,000. Will BTC recover? We take stock of the situation of the king of cryptocurrencies in today’s bulletin!
Bitcoin price stagnates in 24 hours
After a hectic week with a drop to $65,000THE Bitcoin price experienced a relatively quiet weekend by evolving beyond $66,000. In fact, the BTC stagnates in 24 hoursand it displays a drop of almost 5% in one week :
Bitcoin performance against different pairs. Source: Coincheckup
Now the king of cryptocurrencies stagnates in a month and displays a slight increase over three months (1.3%). And the BTC/ETH pair drop of 2% in one week and almost 15% in one month.
Despite the fall, Bitcoin maintains $65,000 weekly
Last week, sellers managed to gain the upper hand, and the Bitcoin price returned to around $65,000. Nevertheless, despite this fall, the price maintains the weekly support at $65,000 :
The course is currently evolving at the level of institutional bias (EMA 9/EMA 18) bullishand one bounce could be put in place. If buyers react, the price could find the last peaks of the year. On the other hand, if the sellers are still present, and the support at $65,000 gives wayBTC could join the next support at $60,000.
The RSI momentum indicator is bullishand he’s back on the bullish trendline. Here, a bounce could be put in place to allow buyers to maintain momentum.
Is a further fall possible in the short term for BTC?
By closing below the last low at $65,880, the dynamic is called into question in the very short term. In addition to this, the price is close to the resistance at $67,000and at the level of moving averages 9 and 18 trending downward :
If sellers continue to put pressure on the price, BTC could join the next support located at $64,500. For the price of Bitcoin to start rising again, it will be necessary break away from resistance at $67,000. In this case, the price could return to the level of resistance at $69,500. The RSI is currently drawing a bullish divergence. To confirm it, it will be necessary to close beyond 58. This would showrunning out of steam on the part of sellers.
The price of Bitcoin remains beyond weekly support at $65,000, and as long as this is the case, we can hope to see BTC return to the level of the last all-time highs. However, to get there, it will be necessary to get rid of the resistance at $67,000. Otherwise, the king of cryptocurrencies could fall towards the next support at $64,500. After two and a half years of distribution, the whales are waking up on Ethereum.
