- Bitcoin’s continuous drop over the past two weeks has impacted the market greatly.
- The price of BTC is $63,745 today, a 1.6% increase in the past 24 hrs and a 12.7% decrease in the past 7 days.
- A new Bitcoin token standard called Runes is launching on the network on April 20, 2024.
- Similar to the Ordinal’s hysteria, Runes, launching immediately after the halving is expected to render Bitcoin unusable due to hiked fees.
Bitcoin Statistics
- Bitcoin Market Cap Dominance: 51.4% ⬆️
- Bitcoin Market Cap: $1.220 trillion ⬇️
- Total Supply: 21 million
- Circulating supply: 19.686 million ⬆️
Bitcoin marketcap dominance is up again for the fifth week consecutive, indicating that the altcoins are not doing so well. Perhaps its the anticipation of the Bitcoin halving event that most of the liquidity is flowing into the asset.
After April 20, 2024, BTC supply will only be increasing by about 3,000 BTC every week, instead of the current ~6,000 BTC.
Previous Bitcoin Price Analysis
Last week, Bitcoin price did well despite the selling pressure. The asset managed to stay above the 50-day simple moving average (SMA) on the 4-hour chart, with only $72,266 as the immediate overhead resistance.
This week, the selling pressure intensified, and Bitcoin dropped from $70,717 last week to $63, 745 today. This represents an over 10% drop.
The fall effectively put the BTC price action below the 50-day and 200-day SMA on the 4-hour chart, painting a death cross.
The previous moving average indicators that acted as supports may now act as resistance, as seen on the chart (price action is trending below the 50-day SMA, making lower lows)
Death Cross on 4-Hour Chart, But Hope on Daily Chart
The daily chart shows a different story. The price of Bitcoin is stuck between $62,000 and the 50-day SMA. The $62,000 support level has only been tested once before, which is not good for Bitcoin since bears can easily break through it.
On the other hand, the price action seems to be in a larger consolidation phase, giving hope that it may rise up to the upper boundary.
This would be a 12% increase, and would Bitcoin back above $70,000.
If BTC’s price breaks below the $62,000 support, we could see lows of $53,650 and $50,477. However, if Bulls succeed in pushing the price upward, $73,000, $76,948, and $82,612 could be in the works.
DISCLAIMER: The work included in this article is based on current events, technical charts, company news releases, and the author’s opinions. It may contain errors, and you should not make investment decisions based solely on what you read here.