Bitcoin has successfully received support at $66,800, which is a huge win for the crypto community. Even though btc failed from the $70,000 level, it has prevented a huge fall. Just a 4% correction which is considered healthy in case of the largest crypto.Let’s see what are the things happening in the market.
Bitcoin Faces Rejection
After a long struggle, btc crossed the $66,000 range and tried to cross $70k as well which is not so easy. The rejection caused the crypto to take help from the latest support at $66,800. It has entered the consolidation zone as RSI shows a drop in market strength. It was recorded at 41.86 which is not a good sign for an uprising. The current price $67,110 also faces resistance from moving averages 20 and 50 simultaneously above the current zone. The nearest moving average that can act as a support is MA 100 that is sitting at $65,000. This is the strongest point of support as of now.
On the other hand, the MACD indicator is also showing signs of weakness in buyers, dropping to -127 points.
Other Market Factors
The price volatility of crypto has caused over 55,500 traders to lose their trades. A total of $117.80 million worth of trades were rekt in the last 24 hours. The long short ratio of bitcoin is also in the decline state.Currently it is at 0.94. This implies the presence of buyers however they are very few in number. The aggregated Bitcoin order book data also confirms the presence of low buyers in the market.
Even with a decrease in the bulls power, btc price is still holding up. The whale order data gives us the glimpse of why the price got rejected from the $70,000 area. As we talked about this area in our previous analysis, this is saturated with whale sell orders causing a solid resistance.
What to Expect
The market has exhausted the buyers and at this point 98% investors are in profit. Recently the market has also witnessed sell off from Satoshi era bitcoin whales selling btc worth millions. As the year moves to the eleventh month, we might see a little more drop in price if such conditions persist. However, looking at the growth of the Bitcoin ETFs, we might see buyers entering the market to give a boost to the price. This can help the largest crypto to move beyond $72,000 and create a new all time high near $84,000.
