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- 1 The Fear and Greed Index is at 30, showing higher fear sentiment.
- 2 The MACD indicator suggests a short-term rise in price. The RSI is recovering from extreme oversold levels.
- 3 Bitcoin’s volume-to-market cap ratio is 1.85%, and its dominance is 53.2%.
The Bitcoin (BTC) price has traded between $59,000 and $71,000 levels for 122 days. It rallied on January 25th, 2024, from $38,774 to $74,025 peak by mid-March 2024.
Additionally, Bitcoin (BTC), the market leader, has surged by 1.08% and stands at $60,992.31.
As per CoinMarketCap, its volume-to-market cap ratio stands at 1.85%. That reflects comparatively low liquidity in the crypto asset, followed by the last 24 hours of trading activity.
Looking further into the crypto landscape, the market leader has a market cap dominance of 53.2%.
Fear & Greed Index | Source: LookIntoBitcoin.com
The fear and greed index stays at 30, which illustrates that the sentiment of the BTC crypto appears to be at higher fear.
Bitcoin (BTC) Price Perspective
The BTC chart shows a pretty clean study as of now, and the price has been sitting around at the bottom of the accumulation channel.
BTC 1.D. | Source: TradingView
In the daily chart, the longer perspective remains neutral, between $59,000 and $71,000. However, the bearish perspective could prevail if BTC slides below $59000, making it bearish. On the contrary, the bullish perspective would be when the price boosts above $71000 and follows a bullish structure formation on the daily chart.
BTC Price Structure Over The 4-H Chart!
Looking at the 4-h chart of BTC, the BTC has been following an upward trendline, where the short-term hurdle looks to be at $62,340. The BTC buyers are trying to surge as it approaches the dynamic resistances of 50-day and 200-day EMA bands.
The MACD indicator has shown a bullish cross in the bearish vicinity of the indicator; with the growing histogram at 53.32, it looks clear that BTC is primed to rise in the short term.
Meanwhile, the RSI flashed at 45.07, and it has taken support from 14-SMA. Thus, the curve shows that the price has recovered from an extreme oversold of 20 to an overbought territory.
Therefore, if the price continues to ride the trendline over the 4-H chart, the resistance levels would be $62,341 and $64,555. Meanwhile, if the price declines below trendline support, the nearest support could be at $59,980 and $59,242 levels.
Continuous Declines Observed in the Daily Active Addresses
The Bitcoin (BTC) crypto price has witnessed a decline in the daily active addresses over the last three months.
Daily Active Addresses | Source: Santiment.com
The total daily active addresses have declined to a current value of $354 K from nearly 1.17 Million in March 2024.
How the BTC Price May Perform in Upcoming Days?
Bitcoin (BTC) has been trading between $59,000 and $71,000 for 122 days. It surged from $38,774 to $74,025 on January 25th, 2024.
Currently, its price is at $60,992.31, with a 1.08% increase. Its price perspective remains neutral between $59,000 and $71,000, with a potential bearish outlook below $59,000 and a bullish outlook above $71,000. Active addresses have decreased to 354k from 1.17 million in the last three months.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
