The leading cryptocurrency, Bitcoin (BTC), has shown signs of recovery, although daily price movements remain notable. For now, BTC is trading at $58,788, up 2% from its most recent lowest price point of $54,600 on June 5. Notably, its 24-hour trading volume seems to have plummeted as it has dived 18% to $27 billion.
The mismatch between the price movement and trading volume often signals a lack of adequate conviction among the BTC bulls. Meanwhile, as the BTC price seems to rebound, K33 research warns that it may plunge to a low of $50,000.
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This just in.
K33 Research predicts $4-7 billion in selling pressure to weigh on prices.
My opinion? Don't expect a smooth ride.
Analysts advise caution despite the rebound.
Is Bitcoin headed for $60K or another correction?
Let’s hear it.
— Iqbal Khan (@_iqbalkhan777) July 10, 2024
On the other hand, the German government has transferred a total of 5.1k BTC worth $300 million to Kraken and other platforms. The German government currently holds 18,860 BTC, worth $1.11 billion.
The #German government wallet transferred 5,103 $BTC($299.8M) to #Kraken, #FlowTraders, #Coinbase, #Cumberland, #B2C2Group and bc1qu3…zr4j 20 minutes ago.
The #German government currently holds 18,860 $BTC($1.11B).https://t.co/hnEVVwhmmq pic.twitter.com/PtMknROfUS
— Lookonchain (@lookonchain) July 10, 2024
As the German government continues with the sales, the question remains: will BTC rebound above $60,000, or will the K33 research be validated?
Bitcoin Statistical Data
Based on Coinmarketcap data:
- BTC price now – $58,788
- BTC market cap – $1.15 trillion
- BTC total supply – 19 million
- BTC circulating supply – 19 million
- BTC ranking – #1
The Bitcoin price shows bullish momentum, as it has flipped its 50-day SMA into support at $57,997. On Wednesday, the Bitcoin price rose above the $57,000 mark, recovering further from recent losses as some investors took advantage of the dip.
With support at $54,908 and $57,997 staying intact, it is possible that Bitcoin’s price will reclaim the ground lost above $60,000.
The Relative Strength Index is at the 50-mean level, suggesting that the bulls have the upper hand. Increased buying momentum could see the BTC price soar toward the 70-overbought zone, reinforcing the bullish outlook.
Moreover, the BTC price trades above the 50-day Simple Moving Average (SMA) but slightly below the 200-day SMA. In this scenario, the $57,997 acts as immediate support, while the $63,245 acts as immediate resistance. However, as the bulls have found support at the 50-day SMA, they might exert some pressure, targeting the $63,245 price point and cementing the bullish outlook.
On the other hand, the Moving Average Convergence Divergence (MACD) is in positive territory. Moreover, the MACD line has crossed above the signal line, reinforcing the upward trend. The cross above the signal line suggests that the short-term moving average rises faster than the long-term moving average. Most traders usually identify this technical occurrence as indicating that the token has entered a short-term positive cycle.
Bitcoin Price Prediction
In the 4-hour chart analysis, BTC shows signs of an upward trajectory, aiming to retest above the $60,000 mark. If the bulls use the 50-day SMA as their immediate support, they could fly the price above the $60,000 level, targeting the $63,245 mark, which coincides with the 200-day SMA. In a highly bullish case, if the bulls flip the 200-day SMA into support, the price could rally to around the $70,000 price point.
Conversely, if the bears break the $57,997 support level, they could invalidate the bullish thesis in the market. In a dire case, if the sellers take advantage of the BTC price as it trades below the 200-day SMA, they could drive the price down, retesting its $53,600 mark, which acts as a cushion against downward pressure.
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