Bitcoin Price Prediction: Bitcoin unexpectedly rises above $67,000 after testing the $60,000 support level, driven by rising risk appetite.
Highlights
1. Whales bought Bitcoin as it fell to $60,000.
2. If the daily closing price is above the 50-day moving average within 4 hours, it may break through $70,000 again.
3. Declining Bitcoin ETF trading volume threatens Bitcoin’s outlook and sentiment before halving.
Bitcoin Price Prediction: Cryptocurrency markets, led by Bitcoin, saw an unexpected recovery during Asian business hours Thursday morning. Bitcoin price was at $67,000 before retreating to $66,850 (current market cap) to gather more liquidity while maintaining a 5% gain over the past 24 hours.
The second-largest cryptocurrency Ethereum (ETH) surged 7.5%, in line with Bitcoin’s move to trade at $3,527 during U.S. business hours. Meanwhile, Solana (SOL) was one of the biggest gainers as it showed signs of approaching the $200 level.
Memecoins like Shiba Inu (SHIB) and Dogecoin (DOGE) were also in the green, supporting the growing interest among traders.
Bitcoin Price Prediction: Will Bitcoin Rally Before Halving?
Bitcoin’s fall from its all-time high to near $60,000 has hurt many investors, except for those who took profits. The bull run has dimmed for a while, with experts predicting further declines.
Wednesday’s Bitcoin price prediction reports that the ETF market has clearly suffered, with negative net inflows occurring for several consecutive days this week.
According to SoSoValue, ETF volumes continue to decline, with net inflows for all ETFs at -$261.65 million. As of March 20, BTCO was the only other product to post a loss of $10.2 million, aside from Grayscale, which had the largest outflows since the ETFs launched.
Although cumulative net inflows have totaled $11.41 billion, the continued outflows are worrisome, especially for investors who bought BTC on improving sentiment.
Despite the worrisome aspects of Bitcoin ETFs, Bitcoin surged to highs above $67,000 today, leading most altcoins higher. As it stabilizes above all key moving averages, including the 200-day exponential moving average (EMA), 50-day EMA, and 20-day EMA (purple, red, and blue lines on the chart), the previously unstable structure could find new life for gains above $70,000.
The 50-day moving average acts as an immediate support at $66,880. Multiple four-hour closes above this area will indicate the ability to sustain the uptrend above $70,000.
Although the Relative Strength Index (RSI) presents a bullish outlook, it cannot be fully relied upon until the downtrend line resistance is broken. A break above the dotted trendline will also boost Bitcoin’s move above $70,000.
If the 50-day MA support weakens, perhaps due to profit-taking, it might be wise to wait for Bitcoin price to establish another lower support area for the dollar cost average.
If there is a fresh decline, potential support areas include the 20-day SMA at $65,940, the 200-day SMA currently at $62,430, and the continuing trend line.
After confirming the buy signal on the four-hour chart, the moving average convergence divergence (MACD) reinforced the uptrend. As long as the blue MACD line remains above the red signal line and the histogram remains green, traders are likely to continue buying BTC.
Some whales have also started a buying spree. For example, blockchain transaction tracking company Lookonchain highlighted that one investor has been “buying BTC on dips since the BTC drop on March 14.”
After accumulating 4,451 Bitcoins (worth about $298 million at current exchange rates), the whale bought another 673 Bitcoins today, worth about $45 million.
As Bitcoin becomes more popular among whales, the price of Bitcoin may form momentum to break through $70,000, while it is expected to set a new all-time high of $80,000 before the halving.
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