Bitcoin price softens – support found at $65,000

Amidst the thrilling rollercoaster of ups and downs, Bitcoin has settled into a sideways trend after a tumultuous Tuesday and Wednesday. With a solid support at $65,000, the big question is: will the next move be a bullish surge or a bearish dip?”

“Bitcoin ETFs see a dip in inflows, causing a temporary halt in the price surge. But to everyone’s surprise, retail investors stepped up to the plate and drove up the value of $BTC without the big players like Blackrock.

Bitcoin Sentiment Is Muted

Excitement in the crypto market has taken a backseat as a more subdued sentiment prevails. Though the Fear and Greed indicator remains in the Greed zone, its value of 75 has retreated from last week’s extreme reading of 83.

Bitcoin Profit-Taking Going Into Halving

According to the words of J P Morgan analysts, as reported in a Bloomberg piece, the current state of bitcoin is one of being overbought, with a looming possibility of a downturn leading up to the halving event. This prediction is further supported by the underwhelming influx of funds into the Spot Bitcoin ETF.

According to the analysts, the future of bitcoin seemed bleak as they predicted a potential drop to $42,000. They argued that the widespread misconception of Bitcoin ETF flows being a one-way street was a major mistake, and warned of possible profit-taking during the upcoming halving.

Bitcoin Bullish In Short Term

Bitcoin price softens, support found at 65,000 Trading view chart March 22, 2024

A closer look reveals the formation of a powerful bull flag, signaling a bullish trend. Just when it seemed like the price was ready to soar on Wednesday, it retreated back into the flag on Thursday.

But hold on, Friday brings a new twist as the price boldly tests the upper edge of the bull flag, along with the crucial support level of $65,000.

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Storm Clouds Gathering On Higher Time Frame

Bitcoin price Trading view chart March 22, 2024

Despite a current surge in the value of $BTC, a deeper look into the weekly timeframe reveals a potential cause for concern. While the overall trend may appear bullish, the stochastic RSI indicators have taken a downward turn.

This shift in momentum signals a looming bearish divergence that could lead to a significant drop in price. Should this come to fruition, experts predict a possible support level at $43,000, mirroring the predictions of J P Morgan analysts at $42,000.

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