Bitcoin Risks Posting More Losses: Will $64,000 Hold?
Bitcoin is under pressure and risks plunging below $64,000. However, analysts remain upbeat, expecting prices to hit $150,000
Bitcoin continues to slip, tanking 5% in the past 24 hours when writing and roughly 10% in the last week of trading. Although bulls are optimistic, the failure of traders to push prices above the immediate resistance levels should be a cause of concern.
At press time, Bitcoin still dominates. However, with falling prices, the total crypto market cap is down 5% to $2.46 trillion. While at it, the BTC market cap is at $1.28 trillion, down approximately 5% in the same period. Following the dump, there are panic sells, pushing trading volume in the last 24 hours by 24% to $55 billion.
Presently, the following Bitcoin news and developments are worth noting:
- Recent data shows that the influx into spot Bitcoin ETFs was, after all, retail-driven. For instance, the average exposure to BlackRock’s IBIT is around $13,000 or 326 shares. Since January, billions have flowed to spot Bitcoin ETFs, lifting prices. This influx has benefited not only BTC but crypto prices in general.
- Amid the dump, Standard Chartered analysts think BTC will race to as high as $150,000 in 2024. Overall, analysts are bullish on the coin. Some think the coin can soar to over $500,000 this year.
Bitcoin Price Analysis
BTC/USD is under immense selling pressure when writing.
At spot rates, the coin is trading below the 20-day moving average or the middle BB.
Even so, the path of least resistance remains.
Traders can watch out for how prices react at $70,000 and March 17 lows at around $64,600.
A comprehensive, high-volume dip below this level might send BTC to March 5 lows at $59,000.
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