Convergence

Bitcoin

Epic

Gains

<img decoding="async" width="1452" height="804" src="https://coingape.com/wp-content/uploads/2024/04/image5_11zon-8.png" class="attachment-full size-full wp-post-image" alt="Michael Saylor Foresees Geopolitical Clash as a Boost to Bitcoin" style="float:right; margin:0 0 10px 10px;" srcset="https://coingape.com/wp-content/uploads/2024/04/image5_11zon-8.png 1452w, https://coingape.com/wp-content/uploads/2024/04/image5_11zon-8-300x166.png 300w, https://coingape.com/wp-content/uploads/2024/04/image5_11zon-8-1224x678.png 1224w, https://coingape.com/wp-content/uploads/2024/04/image5_11zon-8-768x425.png 768w, https://coingape.com/wp-content/uploads/2024/04/image5_11zon-8-150x83.png 150w" sizes="(max-width: 1452px) 100vw, 1452px">
Bitcoin Price Forecast: Initially, the cryptocurrency market witnessed notable selling pressure this week from the uncertainty around Bitcoin halving, followed by the <a href="https://coingape.com/michael-saylor-foresees-geopolitical-clash-as-a-boost-to-bitcoin/">geopolitical tension</a> in the Middle East. The accelerated supply action plunged the BTC price to a low of $61600 and extended correction in most major altcoins. Will the upcoming halving stir the market sentiment back in buyers’ favor? 
Also Read: <a href="https://coingape.com/galaxy-digital-ceo-says-bitcoin-will-resume-its-trend-higher-after-epic-bloodbath/">Galaxy Digital CEO Says Bitcoin “Will Resume Its Trend Higher” After Epic Bloodbath</a> 
<h2 id="b-will-btc-price-lose-60000-amid-market-sell-off-b">Will BTC Price Lose $60000 Amid Market Sell-off?</h2> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/n/na3pY4Xg.png" alt="BINANCE:BTCUSD Chart " width="1946" height="893">
 <figcaption class="wp-caption-text">
 Bitcoin Price| Tradingview
 </figcaption>
</figure> 
Over the past two months, the <a href="https://coingape.com/markets/bitcoin-price-prediction/">Bitcoin price</a> has been trading sideways struggling to overcome supply pressure at $73800. Earlier this week, the coin price established a new lower high at $71755 level reflecting an early sign of traders selling on bullish bounces. 
The bearish turnaround from the aforementioned resistance plunged the coin value 8.3% to currently trade at $65281. However, geopolitical tension between Iran and Israel plunged the <a href="https://coingape.com/bitcoin-etf-weekly-outflows-hit-82m-ahead-crash-whats-next-for-btc-price/">BTC price</a> to a low of $61600, this asset’s nature as a macro hedge in the finance market triggered a notable rebound. 
Moreover, a Bitcoin whale withdrew 598 BTC from Binance as the market fell, part of a larger move totaling 10,158 BTC since mid-March, as tracked by Lookonchain. This series of withdrawals, amounting to approximately $680.83 million, could signal a strategic reaction to recent market shifts. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 This whale withdrew 598 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a>($37.78M) from <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw">#Binance</a> again after the market dropped. 
 Since the <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> price dropped from its peak on Mar 14, this whale has withdrawn 10,158 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a>($680.83M) from <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw">#Binance</a> at an average price of $67,026. 
 Address: 1L7gnfBJhK9ZwUcw2Lx93BPHmcd1tsxeTs <a href="https://t.co/rgspysCSWc">pic.twitter.com/rgspysCSWc</a> 
 — Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1779373610211373250?ref_src=twsrc%5Etfw">April 14, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
This accumulation amid the correction trend indicates that smart money expects the Bitcoin price to rebound and rechallenge the overhead resistance for new highs. 
If the potential reversal sustains above a 50-day EMA, the buyers could tackle the resistance at $71755 and $73800. 
On a contrary note, the downside support for BTC wavers at $61600 and $57400. 
Also Read: <a href="https://coingape.com/blog/5-altcoins-to-buy-for-10x-gains-before-bitcoin-halving/">5 Altcoins to Buy for 10x Gains Before Bitcoin Halving</a> 
<h2 id="b-technical-indicator-b">Technical Indicator&nbsp;</h2> 
<ul> 
 <li>Exponential Moving Average: the 50-day EMA slope provides buyers suitable support during the market correction.</li> 
 <li>Moving Average Convergence Divergence: A bearish crossover between the <a href="https://coingape.com/glossary/macd-moving-average-convergence-divergnece/">MACD</a> and the signal indicates an active correction trend in BTC.</li> 
</ul> 
The post <a href="https://coingape.com/markets/bitcoin-price-forecast-key-support-geopolitical-tension-middle-east/">Bitcoin Price Forecast: Key Support Levels To Watch As Geopolitical Tension Rises in Middle East</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Bitcoin Price Forecast: Key Support Levels To Watch As Geopolitical Tension Rises in Middle East

قائمة المحتويات

Coingape News Media

المزيد من المقالات نُشرت في ١٤ أبريل ٢٠٢٤

What Will Crypto Industry Make of Sam Bankman-Fried's Sentence?

Solana Faces Market Downturn with Interest and Price Decline

Crypto Headlines Of The Week: Bitcoin, Binance, & Whales Spark Bustle

Expert Believes $MEDA Could Spark a New Era in Meme Coin Speculation; FLOKI and ATOM Investors Bu...

Ethereum Whales Go On Buying Spree As Market Crash Leaves Retail Panicking

Whales Defy Ethereum Price Dip, Accumulate Millions in ETH: Strategic Buys Spotlight Confidence

انضم إلى مجلتنا الإخبارية المجانية لآخر تحديثات مجال العملات المشفرة يوميًا.