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<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">
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 Bitcoin Price| Tradingview
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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

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