Bitcoin price showed an impressive 15.12% as a recovery from the previous 12% dump.
The asset surged back to above $60,000 but it failed to break above the 50-day simple moving average (SMA).
BTC price dropped consecutively for three days from Monday 6th to Wednesday 8th before a Trump pro-crypto press conference reversed the losses on Thursday 9th.
The price of BTC is $63,066 today, a 3.0% increase in the past 24 hrs and a 6.3% increase in the past 7 days.
Bitcoin Statistics
Bitcoin Market Cap Dominance: 50.6% ⬆
Bitcoin Market Cap: $1.240 trillion ⬇
Total Supply: 21 million
Circulating supply: 19.696 million ⬆
Previous Bitcoin Price Analysis
BTCUSDT Chart by Tradingview
Last week, Bitcoin price experienced a nasty downfall and broke below the 62-day consolidation range. The price went as low as $56,500. The future was looking bleak for BTC.
However, shortly after, the price of Bitcoin experienced another surge in bullish momentum, and it surged to $65,513.
The 50-day SMA provided resistance for the price and despite some positive news about crypto this week, the price of this asset dropped 6.95% over the span of three days.
On Thursday 9th April, 2024, Donald Trump shilled crypto to his supporters, saying “If you’re in favor of crypto, you better vote for Trump.” BTC and other Trump-related meme coins immediately experienced an increase in price.
The increase in price was not substantial enough to break above the 50-day SMA.
Consecutive Lower Highs and Lower Lows Indicate a $50,000 BTC Soon
BTCUSDT Chart by Tradingview
Bitcoin price action has continued to print lower highs and lower lows on the daily chart. This trend is synonymous with a bearish market, and until this market structure is broken, we expect BTC to continue dropping in price.
The probability of breaking above the 50-day SMA is slim since the price action has failed for a second consecutive time now.
Below the price action, the next major support level is the 200-day SMA, which coincides with the $50,000-$52,000 level.
Actionable Bitcoin Forecast
The coming week may see Bitcoin price drop further down below the previous low of $56,500. Leverage traders can enter shorts with tight stop losses, just in case the market makers decide to flip the script.
A 5X leverage Short position should yield anything between 45% to 100% profit if our $56,500 and $50,000 target levels get hit.
DISCLAIMER: The work included in this article is based on current events, technical charts, company news releases, and the author’s opinions. It may contain errors, and you should not make investment decisions based solely on what you read here.