The bitcoin price has dropped below the $104,000 mark, signaling a possible retest of the $100,000 psychological mark due to a breach of the support trendline. Bitcoin has lost support above the $104,000 level following a rapid 2.75 percent decline the previous day.
The market value is still $2.052 trillion, and the current price of Bitcoin is $103,674. The recent increase in supply has redirected focus to a critical support trendline, which may indicate an extended correction. Can we expect a breakdown of $100,000 due to the downward trend?
Bitcoin Price Analysis 2024
A failed effort to maintain a solid closing above the 50% Fibonacci barrier is shown by the 4-hour chart of Bitcoin’s price action. At $106,912, we have the Fibonacci resistance level, which is so important. The region’s abundant supply meant that even a new record high of $108,364 couldn’t stop the quick turn for the negative. This brings the total down from the most recent record high by 4.42%.
A bearish retracement has been indicated by the price’s decline below the 20-EMA line on the 4-hour chart. Bitcoin is testing a locally major support trendline as two gigantic bearish engulfing candles develop. You might observe this support trendline at $103,093, which is somewhat higher than the 38.20% Fibonacci level.
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Additional support is located near the 50-EMA line and costs around $102,676. Given the present degree of support, a positive reversal in Bitcoin’s fortunes is feasible. Tragically, the 4-hour RSI has dropped below the halfway point due to the quick loss, suggesting that selling pressure has intensified and another decline may be on the horizon.
Yesterday, BlackRock purchased $741.41 million worth of Bitcoin even though the market contracted overnight. A total of $493.95 million was deposited into the USD spot Bitcoin ETF due to this enormous surge. Alternatively, $128.17 million was lost by Fidelity and three other ETFs. Additionally, Bitcoin spot ETFs have recorded $6.45 billion worth of positive inflows over the previous 14 days.
BTC Price Targets 2024
Suppose prices fall below the 38.20% Fibonacci level for an extended period. In that case, the $100,000 psychological barrier might be tested again, and the 23.60% Fibonacci level at $98,369 would be the goal for such a retest. The 50% Fibonacci level would act as resistance on the upside, with $110,730 being the upside target, should Bitcoin undertake a bullish reversal. Price predictions for Bitcoin (BTC) in 2024 are affected by some factors, including the 2024 halving event, institutional adoption, and regulation changes.
Forecasts for Bitcoin’s price in 2024 vary from $60,000 to $100,000, with many predicting new highs due to increased demand and the halving of mining incentives. The optimistic forecast aims for $150,000 to $200,000 by the middle of 2025. Large corporations, banks, and exchange-traded funds (ETFs) will all drive up Bitcoin’s price. Regulation updates and market sentiment shifts can cause Bitcoin price changes. Still, many industry watchers are predicting Bitcoin’s significant 2024 recovery.
Summary
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