Bitcoin Price Chart Flashes Sell Signal, Analyst Warns Dip Below $65500
Highlights
- The Bitcoin price lost momentum and dropped below $67,000.
- Crypto analyst Ali Martinez pointed toward a potential decline below $65,500.
- Currently, the BTC chart shows a sideways action owing to the cut-throat competition between longs and shorts.
Recent market analyses of the Bitcoin (BTC) price trajectory, the leading cryptocurrency, present a mixed bag of sentiments. Ali Martinez, a popular crypto analyst, sounded a cautionary note as he observed a sell signal on the Bitcoin price chart. Moreover, he hinted at a potential slump for BTC.
Will Bitcoin Plunge Below $65,500?
In a recent post on X, Martinez highlighted the emergence of a sell signal on the 12-hour chart, courtesy of the TD Sequential indicator. Furthermore, he underscored the importance of exercising caution, particularly emphasizing the significance of Bitcoin’s ability to maintain support above the $65,500 level. This implies that if BTC extends below this threshold, a massive crash could ensue.
Contrary to Martinez’s cautious stance, Willy Woo, another seasoned analyst, offered a more optimistic perspective on the Bitcoin price trajectory. Woo pointed out a noteworthy milestone in Bitcoin’s monetary inflation rate, which has now dipped below that of gold. Moreover, the analyst speculated on the potential for Bitcoin’s market cap to surpass that of gold, aligning with the stock-to-flow thesis.
However, Woo tempered his bullish outlook by acknowledging the inherent time lag in Bitcoin’s adoption curve. The analyst cited factors such as custody infrastructure, regulatory clarity, and institutional acceptance as significant determinants of Bitcoin’s long-term valuation.
Adding to the dynamic narrative surrounding Bitcoin’s price action, recent resurgence of ETF inflows have captured the attention of market observers. Following the April 19 Halving event, which effectively reduced the daily issuance of new Bitcoin to 450 BTC
The Bitcoin ETFs have emerged as notable buyers in the market as they scoop up more Bitcoin than the daily mining output. This trend culminated in three consecutive days where ETFs acquired over 100% of the total BTC mined post-Halving. Furthermore, since last Friday, Bitcoin ETFs net purchase stood at 2,177 BTC, further accelerating the supply shock in the market.
Excluding outflows from the Grayscale Bitcoin Trust (GBTC), the purchase amounts to a staggering 4,468 BTC. This influx of institutional demand has the potential to catalyze a price hike for Bitcoin in the near future. Thus, the impending price drop could be mitigated.
Also Read: Tesla Sold None Of Its $711M Bitcoin (BTC) In Q1
Bitcoin Price Fails To Sustain $67,000
The Bitcoin price had extended above $67,000 lately but failed to hold the momentum. At press time, the BTC price presented a 0.63% gain and traded at $66,484.01 with a gigantic market cap of $1.31 trillion on Wednesday, April 24. However, the 24-hour trade volume plunged 4.21% to $23.85 billion.
Amid the recent rebound, short dominated the liquidation market with $11.46 million in the last 24 hours. However, longs also accounted for a massive $8.81 million liquidations, according to Coinglass. Hence, a sideways action is witnessed owing to the tiff competition between long and short position holders.
Also Read: Top 4 Cryptocurrencies to Buy After Bitcoin Halving
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