Bitcoin Price Forecast: Key Support Levels To Watch As Geopolitical Tension Rises in Middle East

Story Highlights

The Bitcoin Fear and Greed index at 72% highlights the market sentiment remains strongly bullish.
The falling BTC price witnessed a high demand pressure at $61600.
The intraday trading volume in Bitcoin is $66.9. Billion, indicating a 79% gain.

Bitcoin Price Forecast: Initially, the cryptocurrency market witnessed notable selling pressure this week from the uncertainty around Bitcoin halving, followed by the geopolitical tension in the Middle East. The accelerated supply action plunged the BTC price to a low of $61600 and extended correction in most major altcoins. Will the upcoming halving stir the market sentiment back in buyers’ favor?

Also Read: Galaxy Digital CEO Says Bitcoin “Will Resume Its Trend Higher” After Epic Bloodbath

Will BTC Price Lose $60000 Amid Market Sell-off?

BINANCE:BTCUSD Chart — Bitcoin Price| Tradingview

Over the past two months, the Bitcoin price has been trading sideways struggling to overcome supply pressure at $73800. Earlier this week, the coin price established a new lower high at $71755 level reflecting an early sign of traders selling on bullish bounces.

The bearish turnaround from the aforementioned resistance plunged the coin value 8.3% to currently trade at $65281. However, geopolitical tension between Iran and Israel plunged the BTC price to a low of $61600, this asset’s nature as a macro hedge in the finance market triggered a notable rebound.

Moreover, a Bitcoin whale withdrew 598 BTC from Binance as the market fell, part of a larger move totaling 10,158 BTC since mid-March, as tracked by Lookonchain. This series of withdrawals, amounting to approximately $680.83 million, could signal a strategic reaction to recent market shifts.

This whale withdrew 598 $BTC($37.78M) from #Binance again after the market dropped.

Since the $BTC price dropped from its peak on Mar 14, this whale has withdrawn 10,158 $BTC($680.83M) from #Binance at an average price of $67,026.

Address: 1L7gnfBJhK9ZwUcw2Lx93BPHmcd1tsxeTs pic.twitter.com/rgspysCSWc

— Lookonchain (@lookonchain) April 14, 2024

This accumulation amid the correction trend indicates that smart money expects the Bitcoin price to rebound and rechallenge the overhead resistance for new highs.

If the potential reversal sustains above a 50-day EMA, the buyers could tackle the resistance at $71755 and $73800.

On a contrary note, the downside support for BTC wavers at $61600 and $57400.

Also Read: 5 Altcoins to Buy for 10x Gains Before Bitcoin Halving

Technical Indicator

Exponential Moving Average: the 50-day EMA slope provides buyers suitable support during the market correction.
Moving Average Convergence Divergence: A bearish crossover between the MACD and the signal indicates an active correction trend in BTC.

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Disclaimer

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.