Ethereum

Solana

Bitcoin

Resistance

Note

<p class="p1">A sudden sell-off has engulfed the crypto market with Bitcoin price losing as much as 3% of its value in 24 hours to $64,840. The largest cryptocurrency is not the only digital asset in the red, seeing that altcoins like Ethereum and Solana are down 2.1 and 4.5%, respectively. This downturn across the board reflects the cumulative 2.4% decline in the total market cap, which currently holds at $2.52 million.</p>
<h2 class="p1" id="bitcoin-price-analysis-as-resistance-threatens-bullish-sentiment">Bitcoin Price Analysis As Resistance Threatens Bullish Sentiment</h2>
<p class="p1">The outlook of the leading Bitcoin asset has been bullish since the halving event last week, with investors anticipating a breakout above $70,000.</p>
<p class="p1">However, the struggle to find a clear direction has left many investors uncertain and impatient. Resistance at $67,000 meant that Bitcoin price needed to sweep through more liquidity to validate the uptick beyond $70,000.</p>
<p class="p1">Wednesday’s drop to $64,295 according to <a rel="noopener noreferrer nofollow" href="https://www.coingecko.com/en/coins/bitcoin"><span class="s1">CoinGecko</span></a> market data, could trigger a buy the dip campaign among traders. Nevertheless, it may be too early to rule out a continued fall to $60,000 before BTC recovers.</p>
<p class="p1">Fundamental insight from Santiment shows the rise in mixed sentiment since the Bitcoin halving. Historically, Bitcoin price has rallied after this key event cycle. This factor is feeling the bullish sentiment.</p>
<p class="p1">However, Santiment researchers reckon that the move to $75,000 and subsequently $100,000 “will largely depend on whale and shark behavior, dormant coins continuing to pour back into mainstream circulation, the network’s realized profits vs. losses, and plenty of other factors.</p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f4ca.png" alt="📊" class="wp-smiley" style="height: 1em; max-height: 1em;"> The April 19th <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> <a href="https://twitter.com/hashtag/halving?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#halving</a> has come and gone, and it has created quite the split narrative. Although the crowd is leaning <a href="https://twitter.com/hashtag/bullish?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#bullish</a> based on history's price performance after these events occur, the ability for <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> to climb to $75K, $100K, and beyond will largely depend… <a href="https://t.co/1AL97h2KZ7" rel="noopener noreferrer nofollow">pic.twitter.com/1AL97h2KZ7</a></p>
 <p>— Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1783185642668896278?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">April 24, 2024</a></p>
</blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<h2 class="p1" id="more-pain-for-investors-as-sell-signals-increase">More Pain For Investors As Sell Signals Increase</h2>
<p class="p1">The path with the least resistance is quickly flipping downward as indicators lean on the bearish. Note that support at $64,000 is unlikely to hold longer, especially with the Moving Average Convergence Divergence (MACD) indicator flashing a buy signal on the four-hour chart.</p>
<figure id="attachment_193431" aria-describedby="caption-attachment-193431" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-193431" src="https://coingape.com/wp-content/uploads/2024/04/BTCUSD_2024-04-24_21-57-42.png" alt="Bitcoin price chart | Tradingview" width="2694" height="1444" srcset="https://coingape.com/wp-content/uploads/2024/04/BTCUSD_2024-04-24_21-57-42.png 2694w, https://coingape.com/wp-content/uploads/2024/04/BTCUSD_2024-04-24_21-57-42-300x161.png 300w, https://coingape.com/wp-content/uploads/2024/04/BTCUSD_2024-04-24_21-57-42-1224x656.png 1224w, https://coingape.com/wp-content/uploads/2024/04/BTCUSD_2024-04-24_21-57-42-768x412.png 768w, https://coingape.com/wp-content/uploads/2024/04/BTCUSD_2024-04-24_21-57-42-1536x823.png 1536w, https://coingape.com/wp-content/uploads/2024/04/BTCUSD_2024-04-24_21-57-42-2048x1098.png 2048w, https://coingape.com/wp-content/uploads/2024/04/BTCUSD_2024-04-24_21-57-42-150x80.png 150w" sizes="(max-width: 2694px) 100vw, 2694px">
 <figcaption id="caption-attachment-193431" class="wp-caption-text">
  Bitcoin price chart | Tradingview
 </figcaption>
</figure>
<p class="p1">Bitcoin’s position below all three bull market indicators including the 20-day Exponential Moving Average (EMA), the 50-day EMA, and the 200-day EMA (the blue, red, and purple lines on the chart) is a testament to the ongoing correction.</p>
<p class="p1">If Bitcoin fails to close the day above $64,000, traders may want to consider shorting the coin to $60,000. At lower price points, liquidity could surge paving the way for a larger trend reversal above $70,000.</p>
<p>The post <a href="https://coingape.com/markets/bitcoin-price-is-btc-going-to-60k-this-week/" rel="noopener noreferrer nofollow">Bitcoin Price: Is BTC Going To $60K This Week?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.</p>

Bitcoin Price: Is BTC Going To $60K This Week?

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