Bitcoin Price Prediction as BTC Dips Below $70,000 Level – Dip-Buying Opportunity?
BTC has fallen by 1% in the past 24 hours, with the Bitcoin price dropping below $70,000 on a day when the market has lost 2%.
Bitcoin does remain up by 4% in a week, and while it’s down by 3% in the last 30 days, it also sits on a 140% gain in the past year.
And with the market still eagerly anticipating the next halving (April 20), now could be a good time to buy Bitcoin at a slight discount.
It could see a new rally in the next few days, which may peak on the halving, before leading to longer-term gains later in the year.
The positive thing to say about Bitcoin’s price chart at the moment is that it looks to be in a position where the crypto is ready to bounce back up again.
In particular, BTC’s relative strength index (purple) has risen from just over 20 yesterday to just over 40 today, and while it’s still wobbling, it should recover further soon.
Meanwhile, its 30-day average (orange) is falling towards its 200-day (blue), and once it drops below the longer-term average, the coin should begin climbing.
It’s important to note that Bitcoin’s support level (green) is still on an upward trend, even with recent dips, implying that any further falls won’t be major.
It will find support from its trading volume, which remains relatively high at $33 billion, although this is still some way below the $100 billion it hit in early March.
Yet it’s encouraging to note that weekly fund flows to April 8 (according to the latest CoinShares report) remain positive, at $663 million.
As such, there’s really nothing to worry about as far as BTC’s latest dip is concerned, with traders taking profits in the face of a lull in positive news.
#Bitcoin
Friendly reminder that $BTC reclaimed the Fibonacci Ratio 3 line (4.236) on the monthly chart.
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