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ThecoinrepublicCryptocurrencyCan BTC Price Go Above $71000 Despite...
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Can BTC Price Go Above $71000 Despite Negative Market Sentiment

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The Bitcoin (BTC) price has traded between $59,000 and $71,000 levels for 122 days. It rallied on January 25th, 2024, from $38,774 to $74,025 peak by mid-March 2024.

Additionally, Bitcoin (BTC), the market leader, has surged by 1.08% and stands at $60,992.31. 

As per CoinMarketCap, its volume-to-market cap ratio stands at 1.85%. That reflects comparatively low liquidity in the crypto asset, followed by the last 24 hours of trading activity.

Looking further into the crypto landscape, the market leader has a market cap dominance of 53.2%.

BTC

Fear & Greed Index | Source: LookIntoBitcoin.com

The fear and greed index stays at 30, which illustrates that the sentiment of the BTC crypto appears to be at higher fear.

Bitcoin (BTC) Price Perspective

The BTC chart shows a pretty clean study as of now, and the price has been sitting around at the bottom of the accumulation channel.

BTC

BTC 1.D. | Source: TradingView

In the daily chart, the longer perspective remains neutral, between $59,000 and $71,000. However, the bearish perspective could prevail if BTC slides below $59000, making it bearish. On the contrary, the bullish perspective would be when the price boosts above $71000 and follows a bullish structure formation on the daily chart.

BTC Price Structure Over The 4-H Chart!

Looking at the 4-h chart of BTC, the BTC has been following an upward trendline, where the short-term hurdle looks to be at $62,340. The BTC buyers are trying to surge as it approaches the dynamic resistances of 50-day and 200-day EMA bands.

The MACD indicator has shown a bullish cross in the bearish vicinity of the indicator; with the growing histogram at 53.32, it looks clear that BTC is primed to rise in the short term.

Meanwhile, the RSI flashed at 45.07, and it has taken support from 14-SMA. Thus, the curve shows that the price has recovered from an extreme oversold of 20 to an overbought territory. 

Therefore, if the price continues to ride the trendline over the 4-H chart, the resistance levels would be $62,341 and $64,555. Meanwhile, if the price declines below trendline support, the nearest support could be at $59,980 and $59,242 levels.

Continuous Declines Observed in the Daily Active Addresses

The Bitcoin (BTC) crypto price has witnessed a decline in the daily active addresses over the last three months. 

Daily Active Addresses | Source: Santiment.com

The total daily active addresses have declined to a current value of $354 K from nearly 1.17 Million in March 2024.

How the BTC Price May Perform in Upcoming Days?

Bitcoin (BTC) has been trading between $59,000 and $71,000 for 122 days. It surged from $38,774 to $74,025 on January 25th, 2024. 

Currently, its price is at $60,992.31, with a 1.08% increase. Its price perspective remains neutral between $59,000 and $71,000, with a potential bearish outlook below $59,000 and a bullish outlook above $71,000. Active addresses have decreased to 354k from 1.17 million in the last three months.

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.

Disclaimer

The contents of this page are intended for general informational purposes and do not constitute financial, investment, or any other form of advice. Investing in or trading crypto assets carries the risk of financial loss. The forecasted data (also called “price prediction”) on this page are subject to change without notice and are not guaranteed to be accurate.

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Adarsh Singh
Adarsh Singh
Adarsh ​​Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
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