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- 1 Bitcoin price is hovering close to its all time high value and shows accumulation in the last few sessions.
- 2 The BTC price currently trades close to $69,400 and has dropped nearly 2.60% intraday.
The Bitcoin price started off the week on a negative note on Monday dropping nearly 2.60% on Monday. At press time, the crypto was hovering close to $69,400 and is headed toward the lower boundary of the accumulation zone.
Earlier, the BTC/USD pair has been witnessing an accumulation near the previous all time high. The accumulation has been of nearly six intraday sessions and the pride hasn’t been able to find a clear direction since then.
On the higher side, the $71,600 level has been acting as a supply and stooping to price to rise further. Whereas, on the lower side, $68,076 level has been acting as a demand and preventing further fall.
The long-term trend outlook is bullish due to which a breakout of the range is anticipated. Also, the key moving averages are leaving a positive note which adds a confirmation for a breakout.
Whereas, if BTC price breaks the lower boundary of the accumulation and 20-day EMA, it may head straight towards the 50-day EMA. The 50-day EMA is currently placed at $62,700 which is also the previous support zone.
Bitcoin Crypto Volume Analysis
The volume analysis shows that Bitcoin received $24.25 Billion volume inflow in the past 24 hours which is nearly 38% higher than the previous day. The live market capitalization of BTC cryptocurrency is $1.371 Trillion. The volume-to-market capitalization ratio is 1.74% indicating low volatility.
It has a current circulating supply of 19.67 Million BTC tokens which is 93.67% of the total supply. The total supply of Bitcoin is 21 Million tokens.
Bitcoin Price Holdings Analysis
The above chart demonstrates the number of addresses holding a particular amount of Bitcoin along with the change in time. Starting from the smaller one, given below is the number of wallets holding from 0 to 1,000,000 Bitcoins by the end of March 2024.
| No of Bitcoins | No of addresses |
| 0 to 0.0001 BTC:- | 28.2 Million |
| 0.0001 to 0.01 BTC:- | 11.79 Million |
| 0.01 to 0.1 BTC: | 7.91 Million |
| 0.1 to 1 Bitcoin: | 3.51 Million |
| 1 to 10 BTC: | 856.19 K |
| 10 to 100 BTC: | 137.16 K |
| 100 to 1,000 BTC: | 13897 |
| 1,000 to 10,000 BTC: | 1961 |
| 10,000 to 100,000 BTC: | 106 |
| 100,000 to 1,000,000 BTC: | 3 |
Bitcoin Price Technical Outlook
The technical indicators imply a bullish outlook in the short term as BTC price hovers higher than the key exponential moving averages of 20, 50 and 200-days. The short term EMAs are aligned above the larger EMA of 200 days suggesting a trend continuation until the price is maintained above the 20-day EMA.
At the time of writing, the RSI line was placed at 55.98 points and that of the SMA line 55.66 points. Both the RSI and SMA lines were placed above the mean line highlighting a short-term positive outlook. Also, a bearish crossover of both lines was observed, indicating a possible correction in the price.
Bitcoin Price Prediction April 2024
The short term trend outlook is positive, which may trigger a breakout from the current accumulation range. On the higher side, the short term traders and investors may target previous ATH as the 1st level of profit booking. If the momentum resumes, then the investors may hold till the $80,000 level.
Also, in case of breakdown of the accumulation zone, the BTC price may go volatile and might retrace the 50-day EMA if it lowers below the 20-day EMA.
Conclusion
The Bitcoin price is exhibiting an accumulation near the $70,00 level for the last six consecutive sessions. The crypto started off the week on a negative note and has lowered by 2.60% intraday indicating the intention to stay in the range as of now.
The long term trend outlook is bullish due to which a breakout is anticipated. Any sustained move above $71,600 level may drive the price near the next targets of $75,000 and $80,000.
Technical levels:
- Support Levels: $65,500 and $62,000
- Resistance Levels: $71,650 and $73,890
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
