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Highlights
- Sentiment flips bearish after Bitcoin failed to break above $70,000 post-halving.
- Whales are expected to drive the rally to $75,000 and $100,000 in 2024.
- A buy the dip campaign could erupt as Bitcoin price nosedives toward $60,000.
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.
Bitcoin Price Analysis As Resistance Threatens Bullish Sentiment
The outlook of the leading Bitcoin asset has been bullish since the halving event last week, with investors anticipating a breakout above $70,000.
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.
Wednesday’s drop to $64,295 according to CoinGecko 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.
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.
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.
📊 The April 19th #Bitcoin #halving has come and gone, and it has created quite the split narrative. Although the crowd is leaning #bullish based on history's price performance after these events occur, the ability for $BTC to climb to $75K, $100K, and beyond will largely depend… pic.twitter.com/1AL97h2KZ7
— Santiment (@santimentfeed) April 24, 2024
More Pain For Investors As Sell Signals Increase
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.
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.
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.
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