Bitcoin Price Prediction: Bitcoin the largest cryptocurrency by market cap has witnessed high volatility this week evidenced by the neutral candle with these long-wicks in the daily chart. Despite the renewed buying interest from Spot BTC ETFs, the coin price experienced high supply pressure at $71700, shifting the price trajectory sideways.
Also Read: Crypto Price Prediction: Market Volatility Peaks With Largest Quarterly Options Expiry
Sharp Moves in Bitcoin Market as Sharks Expand Their Holdings
March Month has been a roller-coaster ride for Bitcoin as its price swung from a new all-time high of $73800 to corrected immediately to $60000. While the renewed recovery has uplifted the coin value back to $70000, the broader trend remains uncertain for the potential future of BTC.
However, James Van Straten, the Lead Analyst at CryptoSlate, has provided insightful data into Bitcoin’s accumulation trends. Entities holding between 100 to 1000 Bitcoin, have amassed an additional 268,441 Bitcoin in the last 30 days.
This significant acquisition represents this group’s largest positional change since 2012, often referred to as ‘Bitcoin sharks’. The on-chain chart acquired by Glassnode illuminates the increased confidence of major investors, suggesting a heightened likelihood of a sustained recovery.
Currently, the Bitcoin price trades at $69518 and is actively resonating within a narrow range from $71550 to $68920. A potential breakout from the pattern’s overhead resistance will signal the continuation of recovery and allow buyers to reach a new height by challenging the $73800 peak.
As per the Fibonacci extension, the post-breakout rally may chase the potential target of $83000.
Also Read: Bitcoin Price Likely To Rally 12% In April, Top Analyst Predicts
Ascending Trendline Leads Current Recovery
If the Bitcoin price breaks below the $68920 support, the sellers may drive a 3% fall to hit the ascending trendline on the 4-hour chart. This steep support intact for the past two months has carried an aggressive recovery offering buyers an accumulation point during market pullback. Until this trendline is intact, the BTC price may continue its bullish trajectory higher.
On a contrary note, if sellers break the lower support trendline, the BTC holders may witness a substantial correction.
Technical Indicator
- Exponential Moving Average: The 200 EMA of the 4-hour chart continues to act as dynamic support and sustain the current recovery trend.
- Vortex Indicator: A multiple crossovers between VI+(blue) and VI-(pink) slope indicates an uncertain market sentiment.
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