Highlights:
- Bitcoin price has dropped 1% to $84,082, as the BTC bulls struggle to reclaim the $90K level.
- 10X Research analyst uses his research skills to predict that the Bitcoin price will stay in a consolidation.
- Bitcoin death cross whispers further drop in BTC price, as BTC bulls aim to break through the $100K level.
The Bitcoin price has dropped 1% to $84K, as the bulls struggle to break above the $90K level. Meanwhile, its trading volume has plummeted 13% to $25.74B as of this writing, indicating a drop in market activity. However, BTC still boasts a 7% increase in the past week and 1% in a month. The community sentiment still upholds bullish momentum, as it reads at 81%, according to CoinMarketCap.
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BTC Price Range
Market analysts find it confusing because the range of Bitcoin prices is so broad, and they can’t decide what direction it will take soon. A 10X Research analyst, Markus Thielen, is basing his doubts about a fresh run on Bitcoin’s bull market on short-term indicators, claiming they are pointing to an overall market peak.
Video: Bitcoin: No Longer 'Long Only' ???https://t.co/dE3LQcw0CF
— 10x Research (@10x_Research) April 15, 2025
Thielen also disagrees with other analysts who forecast Bitcoin will shoot past its peak in June and BTC should settle between $73,000 and $94,000 ahead of a rebound. In March 2024, Bitcoin reached an all-time high of $73,679 only to begin consolidating, as external geopolitical events contributed to its price rise again. The analysis from Thielen’s perspective shows reservations on Bitcoin’s price potential as he feels short-term conditions are more bearish than bullish.
The Bitcoin price recently rebounded, reclaiming the $86K level after the crypto turmoil and breaking through the ascending parallel channel. However, the BTC price has slightly retraced to the $84K mark, with various analysts optimistic of a potential rally toward $100K soon.
Despite the recent surge, BTC price is still in a death cross, as the 50-day MA has flipped below the 200-day MA. Since its launch, the results shown on April 6 indicate that Bitcoin has experienced 11 death crosses. Large market drops with the event have come from its price fluctuations. However, this pattern has also shown temporary price cuts, which returned to previous levels.
Bitcoin Price Outlook
Despite the evidence of a death cross, the BTC 4-hour chart outlook shows renewed strength that may trigger a rally. The Bitcoin price has flipped the moving averages into support areas, tilting the odds towards the bulls. If the key support level at $83,590 holds, BTC could rally toward $86,586. A break above this level will see the bulls target higher resistance keys at $87,645, $88,705, and $91,018, respectively.
Moreover, the technical indicators, including the Relative Strength Index (RSI), uphold a bullish outlook. Its position above the 50-mean level indicates rising buying pressure that may cause a rally to $100K. Moreover, there is still more room for the upside before BTC is considered overbought.
On the other hand, if early profiteering commences, the BTC price may drop further. BTC would drop to $83,590 in such a case, aligning with the 200-day MA. A beach below this support level will call for a deeper correction toward $83,117, $82,828, and $82,732.
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