Despite a 15% Rise, Bitcoin (BTC) Price is Poised for Another Downfall! Here’s Why You Need to be Careful
The post Despite a 15% Rise, Bitcoin (BTC) Price is Poised for Another Downfall! Here’s Why You Need to be Careful appeared first on Coinpedia Fintech News
Bitcoin is experiencing some relief after experiencing a massive crash during the past weekend and at the start of the week. Meanwhile, the bulls are leaving no stone unturned in defending the lower support at $50,000. This may have turned market sentiments in favour of the bulls to some extent, but the fear of another bearish wave continues to haunt the BTC price rally.
Will the Bitcoin (BTC) price offer another buying opportunity below $50,000? If yes, will it trigger a similar rebound within a restricted timeframe?
The recent rebound has turned market participants favourable to the upcoming trend, who are speculating that the crypto will hit $60,000 with the next bullish move. However, the institutions do not appear to be confident of the upcoming trend, as, after a small inflow of $50.4 million on the first day of the month, the platform witnessed massive outflows of $237.4 million, $168.4 million, & $145.6 million in the last four days.
Although institutions are not bullish, whales appear to be confident of the upcoming trend as they have been constantly accumulating BTC.
As per the data from Cryptoquant, more than 400K BTC worth over $22 million have been moved to permanent holder addresses in the past 30 days. This suggests the whales are constantly accumulating, which has reached its peak in the recent past. Ki Young Ju, CEO of Cryptoquant, shared the data and predicted that many more institutions, companies, governments, or other entities may announce their BTC acquisitions in Q3 2024.
So what’s next with the BTC price?
The BTC price rally is about to undergo a ‘death cross’ in the next few days. The recent pullback has advanced the event which appears to have validated a fresh bearish action soon. Therefore, the next couple of days are expected to be extremely important for the token as the death cross is expected to drag the levels back below $50,000. Moreover, after triggering a rebound, the RSI has diverted from an elevated trend. Hence, flashing bearish signals for the upcoming price action.
Therefore, the bulls are required to defend the support in the next few days, which may invalidate the bearish scenario for the Bitcoin (BTC) price rally.