Bitcoin

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 <p class="paragraph">After brushing off short-term corrections caused by geopolitical tensions, Bitcoin (BTC) has surged to establish a consolidation phase above the $66,000 mark.</p>
 <p class="paragraph">However, as crypto analyst <em>Ali Martinez</em> highlighted in an X (formerly Twitter) post on April 24, technical indicators are raising concerns for the maiden digital asset amidst the current price movement.</p>
 <p class="paragraph">Martinez pointed to the TD Sequential indicator’s recent sell signal on the 12-hour chart, indicating a potential downturn in Bitcoin’s price trajectory. The analyst underscored the significance of this signal, particularly noting the <a rel="noopener noreferrer nofollow" title="resistance" href="https://thebittimes.com/tag/resistance.html">resistance</a> encountered by Bitcoin at the mid-level of a parallel channel.</p>
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 <figure class="wp-block-image aligncenter size-large"><img decoding="async" width="1024" height="536" src="https://cdn.thebittimes.com/images/2024/04/24/96c04ef5920edd3613f1a53fb7024a0f.webp" alt class="wp-image-171440" srcset="https://cdn.thebittimes.com/images/2024/04/24/96c04ef5920edd3613f1a53fb7024a0f.webp 1024w, https://cdn.thebittimes.com/images/2024/04/24/96c04ef5920edd3613f1a53fb7024a0f.webp 300w, https://cdn.thebittimes.com/images/2024/04/24/96c04ef5920edd3613f1a53fb7024a0f.webp 768w, https://cdn.thebittimes.com/images/2024/04/24/96c04ef5920edd3613f1a53fb7024a0f.webp 1536w, https://cdn.thebittimes.com/images/2024/04/24/96c04ef5920edd3613f1a53fb7024a0f.webp 1600w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption"><em>Bitcoin price <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> chart. Source: TradingView/Ali_charts</em>
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 <p class="paragraph">The analyst warned investors to exercise caution, citing the historical accuracy of the TD Sequential indicator. He added that Bitcoin faces more vulnerability if it drops below the $65,000 support zone.&nbsp;</p>
 <p class="paragraph">A breach of this support level could trigger intensified selling pressure, potentially leading to a more pronounced downturn in Bitcoin’s price.</p>
 <p class="paragraph">The TD Sequential indicator is a technical <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> tool that measures sequences of consecutive candlesticks to identify potential trend reversals.</p>
 <h2 class="wp-block-heading" id="h-bitcoin-in-limbo">Bitcoin in limbo</h2>
 <p class="paragraph">At the moment, Bitcoin finds itself in uncertain waters following the halving event, with market participants expecting a potential surge towards the $70,000 mark. This comes amidst a backdrop where the crypto sector and other risk assets grapple with uncertainties from prolonged Federal Reserve interest rate cuts.</p>
 <p class="paragraph">Notably, if Bitcoin maintains its price above $65,000, it stands a good chance of rallying, considering other bullish indicators. According to a report by Finbold, Bitcoin’s whale activity and the weighted sentiment of the crowd suggest a prevailing bullish bias.&nbsp;</p>
 <p class="paragraph">Moreover, market observers are closely monitoring how the industry will respond following the U.S. Department of Justice’s recommendation of a three-year prison sentence for Changpeng “CZ” Zhao, the founder and former CEO of Binance, regarding the exchange’s violations of federal sanctions and anti-money laundering laws.</p>
 <h2 class="wp-block-heading" id="h-bitcoin-price-analysis">Bitcoin price analysis</h2>
 <p class="paragraph">At the time of writing, Bitcoin traded at $66,238, experiencing daily losses of approximately 0.31%.&nbsp;</p>
 <figure class="wp-block-image aligncenter size-full"><img decoding="async" width="675" height="550" src="https://cdn.thebittimes.com/images/2024/04/24/27a1c6e4f68a4149af2eb4eb3f9a4426.webp" alt class="wp-image-171441" srcset="https://cdn.thebittimes.com/images/2024/04/24/27a1c6e4f68a4149af2eb4eb3f9a4426.webp 675w, https://cdn.thebittimes.com/images/2024/04/24/27a1c6e4f68a4149af2eb4eb3f9a4426.webp 300w" sizes="(max-width: 675px) 100vw, 675px">
  <figcaption class="wp-element-caption"><em>Bitcoin seven-day price chart. Source: Finbold</em>
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 <p class="paragraph">The cryptocurrency has demonstrated a consolidation phase, supported by on-chain data indicating a tug-of-war between long and short-position holders. Data provided by <em>Coinglass </em>reveals that within 24 hours, short positions dominated the liquidation market, totaling $11.46 million. Conversely, long positions also significantly contributed, with liquidations amounting to $8.81 million.</p>
 <p class="paragraph">Hence, the direction Bitcoin will take remains to be seen, as each potential path carries significant consequences.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em>&nbsp;The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/sell-off-alert-caution-advised-as-bitcoin-resistance-persists-tbt86395.html">https://thebittimes.com/sell-off-alert-caution-advised-as-bitcoin-resistance-persists-tbt86395.html</a></p>

Sell-off alert: Caution advised as Bitcoin resistance persists

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