A famous crypto trader has come on the X platform to predict that the price of Bitcoin may fall to the level of $ 63,000. This depends on the amount of money that, in the last few weeks, has driven the price of the cryptocurrency.
Bitcoin Market Structure Shows More Volatility Ahead
In the 4th of April post on the X platform, KillaXBT to be revealed the direction that the price of Bitcoin may follow in the coming weeks. A crypto trader’s analysis based on BTC’s current technical performance, identifying several support and resistance levels that appear on his weekly schedule.
Collaborative Reading
The analyst explained that the past few weeks have had investors seeing multiple sweeps of external increases and internal decreases. As such, the streak appears to have started about four weeks ago with a sweep of foreign exchange rates, which led to a rapid reversal in Bitcoin’s price – eventually leading to a mid-week close.
KillaXBT explained that, due to this migration, Bitcoin had to recover; this led the cryptocurrency’s weekly candle back to $71,500. Interestingly, this move had an obvious purpose of late sweep of the short fieldbefore prices returned to retracement – the move of KillaXBT showed that it is a hunt for wealth seen before it.
Because last week’s candle closed bearish, the crypto pundit highlighted another notable event; this week also swept some money (another regular event). What followed this sweep was apparently a resistance to further declines in the price of BTC.
However, because the recovery of Bitcoin is largely driven by the location of the opportunity, and the current state of the market, KillaXBT means that. availability buy pressure he can get tired soon. As such, a low of $64,900 seems to be showing up for another such sweep.
In the meantime, the technical expert also sees Bitcoin breaking the outer limit at $63,000. In other words, the market volume showed that the previous sweep is in line with the expected return to $72,800, while further selling is pending.
Short-Term Actions Support Near-Term Bearish Sentiment
In another post on X, researcher Joao Wedson he shared that there has been an interesting change among the participants in the short term in the Bitcoin market, which indicates that the group is lowering its stock. The key indicator here is the Short-term Holder Net Position Change metric.
This group of traders includes investors who have held Bitcoin for less than 155 days. Therefore, they are often more active in sudden price changes, than other market participants.
Collaborative Reading
In addition, the actions of these newcomers may reveal a change in sentiment (in this case, bearish). When this happens (an impulsive selling activity), the price of Bitcoin usually goes south, because these sales support the bearish pressure.
Therefore, the most advanced cryptocurrency in the world may be going to $ 63,000 soon, at least before the attempt to recover. As of this writing, Bitcoin trades at around $67,256, showing a growth of 0.5% over the past few days.
Image from iStock, chart from TradingView
