The price of Bitcoin (BTC) has fallen nearly 9% since it briefly touched $72,000 on March 25, erasing all 30-day gains and entering negative territory at -2.6% for the month. It is currently trading in the last 24 hours around $66,900.
The decline resulted in a breakdown of the 12-hour chart. However, a subtle bullish divergence indicates that a short-term bounce is possible. Whether or not the drill has enough oil to remove the above depends on the details of the chain.
Head and Shoulders Break on the 12 Hour Chart
The 12 hours The price of BTC shares it shows a head and shoulders trend that has been going on since late February. The price was about $67,700, and the damage was done on March 27.
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On paper, the movement of the model shows an improvement of 12% from the neck. If you notice, it will push the Bitcoin price below the $60,000 mark of opinion, heading for the $59,400 zone.
However, the Relative Strength Index (RSI), a momentum oscillator, provides a reading. Between February 28 and March 27, the price made a low while the RSI made a low.
A hidden bullish divergence, which indicates a continuation of the trend rather than a reversal, has already produced 1.87% of the latest decline.
The gap suggests that the bottom near $65,000 may be temporary. However, the jump is directly facing the supply wall, and the whales that usually pass through it are not satisfying enough.
Over 6% of Assets Between $66,900 and $69,400
UTXO Realized Price Distribution (URPD), Glassnode’s metric that shows the price at which Bitcoin last traded, shows three dense bands above the current price.
At $66,900 (closer to current price), about 2.37% of all finished products changed hands. At $68,100, another 1.96% remains. And at $69,400, another 1.96%. In addition, about 6.29% of BTC is placed at a price of $ 2,500 above where Bitcoin is currently trading.
These groups tend to resist because the owners who bought at those prices and are sitting close to breakeven tend to sell any return to get out of the small loss.
The behavior of whales proves that this is dangerous Bitcoin supply zones now. A large group holding between 100,000 and 1 million BTC reduced their stash from 675,200 to 670,000 on March 24, a drop of 5,200 BTC.
The middle class (10,000 to 100,000) drowned and recovered, totaling about 2.25 million. The smallest category of whales (1,000 to 10,000) was slightly increased, from 4.21 million to 4.22 million.
The result of all three groups is a small increase of about 4,800 BTC. However, his confidence is much lower than the number suggests.
The largest wallets, which carry the largest market weight, reduce exposure by 5,200 BTC. A very small portion of 10,000 BTC in addition will not solve this in terms of the influence of movement, because a large distribution leads to further weakness, while the collection of small groups often indicates a purchase taken by the volume of products.
This means that any bounce from the hidden bullish divergence could result in a drop within the $66,900 to $69,400 range (a caveat we highlighted earlier).
Bitcoin Price Forecast is $66,600 Line
Very fast choose a Bitcoin level and $66,600. Holding on to the top means that the upcoming support group hasn’t started a big sale, yet. A jump from here could push it to $68,700 and $70,000 for sentiment.
However, $70,000 would be required to clear all three sales groups. Given the whale’s weakness, any rise below $70,000 remains vulnerable to another wave of selling. The bearish pattern only weakens above $72,000, the upper right shoulder.
Below that, a loss of $66,600 opens the way to $65,200 and $63,300. Below, the head-and-shoulders measured a move of about 12% towards the $59,400 region, pushing Bitcoin below $60,000 for the first time since the February low.
Meanwhile, $66,600 separates the downside move to $69,400 from the move below $60,000.
A note Will Bitcoin Price Finally Fall Below $60,000? Here’s What Technical Charts Show appeared for the first time BeInCrypto.
