Yesterday, the Bitcoin price was rejected from a crucial resistance level at the 200-day MA, which raised suspicion of an incoming descending trend. After withstanding immense selling pressure within the pivotal zone, the BTC price finally broke down the range, hinting towards a more bearish trend fast approaching. However, Bitcoin ETF giants continue to buy ETFs in the hundreds of millions, while ETH & SOL spot ETFs are also underway, which is expected to ease the pressure on the markets in the coming days.
Currently, the market participants appear to be in extreme fear as the index has dropped to 40 after the price plunged below $57,000 while being on its way to surpass $59,000. However, the experts believe that the BTC price may continue to chop for a few more days which may be followed by a massive rally. Presently, Bitcoin continues to remain in a distress situation as miners are also contributing to the selling pressure along with the German government.
The data from CryptoQuant suggests the Miner reserve has dropped to levels not seen since October 2021. The miners accumulated throughout the 2021 bull run and the 2022 bear market which shook at the beginning of 2023. However, the rising uncertainty over the crypto since the beginning of March 2024 seems to have compelled the miners to intensify their selling. What’s next for Bitcoin (BTC) price rally? Will it reclaim $60,000 or drop back below $50,000?
The BTC price is struggling hard to retain within the crucial support zone between $57,173 and $58,264 as the bearish activity escalates. The MACD is preparing for a bullish crossover while the OBV or the on-balance volume suggests the continuation of a bearish trend. Therefore the Bitcoin price may either continue to plunge to the lower support at $52,706 or if it reclaims the support zone, a minor upswing above $60,000 could be possible.
However, the bulls may still fail to hold these levels, as the trade setup suggests a strong rejection may compel the BTC price to drop back below $55,000.
Read More: Bitcoin Revamps Bearish Trend: Here’s What Attributing to the Underperformance of BTC Price
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