Bitcoin tumbles to one-month low, but bulls stay hopeful for rebound

Bitcoin ($BTC) fell on Tuesday, and so did altcoins like Ethereum and Solana. It was a major hit for BTC since the flagship crypto touched a new monthly low. On Tuesday at 10:26 am, Singapore time, we witnessed it trading at around $65,300. At that time, it had fallen by 2.7%. Dogecoin also posted a heavy loss, possibly because Bitcoin saw outflows from its investment products.

The company reportedly removed almost $600 million from its investment product in the last week. Investors are under the impression that the Federal Reserve will not cut rates any time soon this year. This could indeed be a possibility, given that rising inflation is raising concerns about the potential for an uptrend. 

Alternatively, it might decline more slowly than anticipated. A lack of global money supply could crunch liquidity in the Bitcoin ecosystem. Stocks and bonds are said to have fetched better returns this quarter. Thereby, outperforming BTC as a traditional market.

There is now a notable surge from the monthly low. BTC is up at $65,735.69; however, it still marks a dip of 0.74% in the last 24 hours. It further reflects a decline of 2.80% and 1.86% over the last 7 days and 30 days, respectively. The market cap is also 0.75% lower. Only the 24-hour trading volume has surged by 110.95%. All figures were accurate at the time of articulating this piece.

Investors were seen moving their holdings, or a portion of it, to private wallets from exchange platforms. This signals that they are willing to hold their tokens and avoid any kind of selling pressure that may eventually be triggered. Near-term predictions for Bitcoin are bullish despite the prevailing bearish sentiments. The token is expected to rise to $75,987 in the next 5 days.

What matters most is the prediction that BTC will surpass the $86,000 milestone in the next 30 days. A rise to $86,815 would be a jump of approximately 30.60% from the current value.

Bitcoin is backed by technical indicators. The Fear & Greed Index, for one, showcases 71 points to its name. The volatility is down to 1.94%, and the 14-day RSI is around 45.40. The 50-day SMA and 200-day SMA are $66,007 and $55,993, respectively.

An early resistance level has been marked at $67,000. Achieving that feat will open the doors to $75,000. It will further fuel the surge to $84,000 and then $100,000. The $100k mark is primarily for year-end reference purposes. Bitcoin miners are maintaining the network’s strength as much as possible. This is imperative, for Miner Capitulation has long been expected to hamper it to some extent.

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The one-month low of Bitcoin ($BTC) could be a new launchpad that enables it to rebound to a new ATH.

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