Bitcoin Could Drop To These Two Levels If It Falls Below $63,300, Warns Technical Analyst
Portfolio Pulse from Khyathi Dalal
Technical analyst Ali Martinez warns that Bitcoin (BTC) could drop to $61,000 or $59,000 if it falls below $63,300, based on a death cross and a red 9 candlestick on the 12-hour chart. This comes amid decreased exchange inflows and outflows, and a challenging day for cryptocurrency investments highlighted by no net inflows to BlackRock's iShares Bitcoin Trust (IBIT) and net outflows from spot Bitcoin ETFs.
April 25, 2024 | 2:52 pm
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NEGATIVE IMPACT
Bitcoin could potentially drop to $61,000 or $59,000 if it falls below the critical level of $63,300, as warned by technical analyst Ali Martinez.
The warning by Ali Martinez is based on technical analysis indicators such as a death cross and a red 9 candlestick, which are traditionally seen as bearish signals. The potential drop is significant, indicating a high importance and relevance to investors. The confidence level reflects the inherent unpredictability of cryptocurrency markets but is bolstered by recent market data and trends.
CONFIDENCE 80
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
BlackRock's iShares Bitcoin Trust (IBIT) saw no net inflows, breaking a 71-day streak, amid a challenging day for cryptocurrency investments.
The lack of net inflows into IBIT and the overall challenging day for cryptocurrency investments as indicated by net outflows from spot Bitcoin ETFs suggest a bearish sentiment in the short term. The break in the 71-day streak of continuous investment into IBIT could indicate a shift in investor confidence or market dynamics, impacting its short-term performance.
CONFIDENCE 70
IMPORTANCE 75
RELEVANCE 80