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Bitcoin‘s (BTC) fall below the $60,000 threshold has led to speculation about a potential bear market across the cryptocurrency landscape. Contributing factors include the poor performance of spot Bitcoin and Ethereum ETFs in Hong Kong and expectations that interest rates in the US will not fall but remain high for a long time. These factors are prompting investors to sell off their BTC holdings. Despite the overall market turmoil, experienced cryptocurrency analyst Captain Faibik maintains his optimism, predicting a possible rally in the coming days.
Expecting $68,000 Despite the Drop
At the forefront of Bitcoin’s current impasse is its encounter with the critical Moving Average 100 (MA100) level on the daily chart. Historically, this level has served as a significant support area for the largest cryptocurrency and has attracted substantial interest from market participants.
The MA100, a frequently used technical indicator, reflects the average closing price of an asset over the last 100 days and offers valuable information about long-term trends. During previous bull markets, Bitcoin consistently found support at the MA100, which often triggered significant price increases.
Analysts suggest that a rebound from this critical level could signal the start of a short-term rally and offer a glimmer of hope amidst market uncertainties. A deeper analysis of the daily Relative Strength Index (RSI) reveals a trend below a multi-month trend line, indicating a temporary weakening of bullish momentum.
However, many interpret this as a harbinger of potential recovery in Bitcoin’s price. Captain Faibik, based on this view, predicts a recovery towards the $68,000 level in the short term. It is important to note that for the analyst’s prediction to materialize, the price must not close below $59,500 on the daily chart. Closing below this level would invalidate the analysis.
Long-Term Outlook Remains Positive
What Bitcoin’s next move will be is one of the most curious issues among cryptocurrency investors lately, and investors are closely monitoring significant developments in the evolving market environment. Despite sharp price movements in the short term, the surrounding expectation for Bitcoin continues to be positive, accompanied by ongoing institutional adoption and growing mainstream acceptance.
Amid testing the MA100, the cryptocurrency market is currently at a crucial point, and where Bitcoin’s price closes on the daily candle will directly affect the altcoin market as well. According to recent data, BTC has seen a 8.97% decrease over the last 24 hours, trading at $57,335.
