Convergence

Blast

Bitcoin

HOLD

Bitcoin price prediction shows BTC relatively unchanged in the last 24 hours, hovering at $66,384. The stability the biggest coin is experiencing hints at a potential consolidation period ahead of the next breakout. 
During this time, investors are expected to focus on accumulating more <a href="https://coingape.com/bitcoin-traders-accumulates-1-5b-btc-what-next-btc-price/" target="_blank" rel="noopener">BTC</a>, considering the significantly lowered prices from last week’s high atop $71,000. 
However, a 30% drop in the 24-hour trading volume, as highlighted by&nbsp;<a rel="nofollow" href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank">CoinMarketCap</a>&nbsp;data suggests that interest is dimming among traders. 
Santiment, a leading blockchain analytics company reckons that “Bitcoin’s drop to as low as $65.5K today has continued to drag down most of #crypto along with it.” 
Overall, market caps posted a 3.61% decline while the trading volume plummeted by another 18.84% this week compared to the week before. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f4c9.png" alt="📉" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a>'s drop to as low as $65.5K today has continued to drag down most of <a href="https://twitter.com/hashtag/crypto?src=hash&amp;ref_src=twsrc%5Etfw">#crypto</a> along with it. In the past 7 days, there has been a -3.61% drop in overall market caps. Trading volume is down -18.84% compared to the week prior. <a href="https://t.co/LqQQV1jZbj">https://t.co/LqQQV1jZbj</a> <a href="https://t.co/YhjzO0O54V">pic.twitter.com/YhjzO0O54V</a> 
 — Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1775694580954112246?ref_src=twsrc%5Etfw">April 4, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
If the trend continues, shorting Bitcoin could start to seem attractive and this may cause prices to drop further. 
<h2 class="p1" id="assessing-the-behaviour-of-btc-coin-ages-younger-than-3-months">Assessing The Behaviour Of BTC Coin-Ages Younger Than 3 Months</h2> 
According to a recently released report by Glassnode, <a href="https://coingape.com/bitcoin-short-term-investors-lose-5-2b-amid-btc-price-crash/" target="_blank" rel="noopener">Bitcoin</a> has been changing hands from long-term holders to newer investors who currently account for approximately 44% of the network’s aggregate wealth. 
<figure id="attachment_189707" aria-describedby="caption-attachment-189707" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-189707" src="https://coingape.com/wp-content/uploads/2024/04/Bitcoin-realized-cap-HOLD-waves.jpeg" alt="Bitcoin Realised Cap HOLD Waves" width="4096" height="2359" srcset="https://coingape.com/wp-content/uploads/2024/04/Bitcoin-realized-cap-HOLD-waves.jpeg 4096w, https://coingape.com/wp-content/uploads/2024/04/Bitcoin-realized-cap-HOLD-waves-300x173.jpeg 300w, https://coingape.com/wp-content/uploads/2024/04/Bitcoin-realized-cap-HOLD-waves-1224x705.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/04/Bitcoin-realized-cap-HOLD-waves-768x442.jpeg 768w, https://coingape.com/wp-content/uploads/2024/04/Bitcoin-realized-cap-HOLD-waves-1536x885.jpeg 1536w, https://coingape.com/wp-content/uploads/2024/04/Bitcoin-realized-cap-HOLD-waves-2048x1180.jpeg 2048w, https://coingape.com/wp-content/uploads/2024/04/Bitcoin-realized-cap-HOLD-waves-150x86.jpeg 150w" sizes="(max-width: 4096px) 100vw, 4096px">
 <figcaption id="caption-attachment-189707" class="wp-caption-text">
 Bitcoin Realised Cap HOLD Waves
 </figcaption>
</figure> 
Bitcoin’s commendable rally to its currently all-time high of $73,308 has seen long-term holders change tactics, preferring to sell to newer investors to meet the growing demand. 
“This uptick in younger coins is a direct result of Long-Term Holders spending their coins at higher prices to satisfy the wave of inflowing demand,” Glassnode researchers wrote on X. 
<h2 class="p1" id="bitcoin-price-prediction-indicators-signal-incoming-uptrend">Bitcoin Price Prediction: Indicators Signal Incoming Uptrend</h2> 
Traders still sitting on the sidelines may want to know that Bitcoin flaunts several signals that could potentially trigger a significant trend reversal. 
For starters, a confluence support at $65,706 formed by the 200-day Exponential Moving Average (EMA) (the purple line on the chart) and the 0.618 Fibonacci ratio means that Bitcoin is leaning strongly toward an immediate recovery. 
<figure id="attachment_189708" aria-describedby="caption-attachment-189708" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-189708" src="https://coingape.com/wp-content/uploads/2024/04/BTCUSD_2024-04-04_16-12-02.png" alt="Bitcoin (BTC) price chart | Tradingview" width="2694" height="1444" srcset="https://coingape.com/wp-content/uploads/2024/04/BTCUSD_2024-04-04_16-12-02.png 2694w, https://coingape.com/wp-content/uploads/2024/04/BTCUSD_2024-04-04_16-12-02-300x161.png 300w, https://coingape.com/wp-content/uploads/2024/04/BTCUSD_2024-04-04_16-12-02-1224x656.png 1224w, https://coingape.com/wp-content/uploads/2024/04/BTCUSD_2024-04-04_16-12-02-768x412.png 768w, https://coingape.com/wp-content/uploads/2024/04/BTCUSD_2024-04-04_16-12-02-1536x823.png 1536w, https://coingape.com/wp-content/uploads/2024/04/BTCUSD_2024-04-04_16-12-02-2048x1098.png 2048w, https://coingape.com/wp-content/uploads/2024/04/BTCUSD_2024-04-04_16-12-02-150x80.png 150w" sizes="(max-width: 2694px) 100vw, 2694px">
 <figcaption id="caption-attachment-189708" class="wp-caption-text">
 Bitcoin (BTC) price chart | Tradingview
 </figcaption>
</figure> 
The Moving Average Convergence Divergence (MACD) indicator’s buy signal calls on traders to buy BTC at the current price level, hinting at a breakout towards $70,000. 
Should the 20-day EMA (in blue) resistance come out of the way, <a href="https://coingape.com/bitcoin-btc-price-is-long-term-holder-selloff-a-blessing-in-disguise/" target="_blank" rel="noopener">Bitcoin price</a> would quickly gain momentum. Nonetheless, it would be prudent to prepare for delays at key resistance areas such as the 50-day EMA (in red), 0.382 and 0.236 Fibonacci ratios as well as the psychological hurdle at $70,000. 
On the contrary, losing the confluence support may quickly change the technical outlook, encouraging more people to sell Bitcoin to buy again at lower price points like $62,000 and $60,000 before the halving in April. 
The post <a href="https://coingape.com/markets/bitcoin-btc-price-can-changing-realised-cap-for-coin-ages-blast-btc-to-70000/">Bitcoin Price Prediction: Can Changing Realised Cap For Coin-Ages Blast BTC To $70,000?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Bitcoin Price Prediction: Can Changing Realised Cap For Coin-Ages Blast BTC To $70,000?

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