Bitcoin Price Forecast: Key Support Levels To Watch As Geopolitical Tension Rises in Middle East
Highlights
- The Bitcoin Fear and Greed index at 72% highlights the market sentiment remains strongly bullish.
- The falling BTC price witnessed a high demand pressure at $61600.
- The intraday trading volume in Bitcoin is $66.9. Billion, indicating a 79% gain.
Bitcoin Price Forecast: Initially, the cryptocurrency market witnessed notable selling pressure this week from the uncertainty around Bitcoin halving, followed by the geopolitical tension 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: Galaxy Digital CEO Says Bitcoin “Will Resume Its Trend Higher” After Epic Bloodbath
Will BTC Price Lose $60000 Amid Market Sell-off?
Over the past two months, the Bitcoin price 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 BTC price 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.
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: 5 Altcoins to Buy for 10x Gains Before Bitcoin Halving
Technical Indicator
- Exponential Moving Average: the 50-day EMA slope provides buyers suitable support during the market correction.
- Moving Average Convergence Divergence: A bearish crossover between the MACD and the signal indicates an active correction trend in BTC.
Related Articles
Recent Posts
- Price Analysis
Binance Coin Price Prediction as VanEck Files Spot BNB ETF — Is $1,000 Next?
The Binance Coin price attracts steady interest as BNB trades inside a tightening formation that…
- Price Analysis
Will Dogecoin Price Hit $0.3 by December 2025?
Dogecoin price has experienced a slight surge in the past 24 hours, showing signs of…
- Price Analysis
Pi Coin Price Surges Above $0.25 Ahead of Major November 28 Announcement
Pi Coin Price has surged above $0.25, marking a 5% increase today, November 26. The…
- Price Analysis
Solana Price Prediction as ETF Inflows Hit $621M After 21 Days
Solana price hovered at $137 on Wednesday after a slight 24-hour increase, showing signs of…
- Price Analysis
Monad Price Prediction Amid Mainnet Debut — Is a Bigger Breakout Ahead?
The Monad price surged more than 53% after the mainnet launch attracted strong attention. MON…
- Price Analysis
Chainlink Price Could Soar to $15 as ETF Listing Nears
Chainlink price has seen a slight increase of 1.0% over the past 24 hours. The…