Bitcoin Price Prediction: Recent trade saw Bitcoin (BTC) hit an intra-day low of $65,400, and the price is still under pressure around the $66,396 level. This prediction is made in light of the market’s reaction to the $2 billion worth of Bitcoin that the US government transferred, which has caused a 3.8% price decline and heightened market volatility. In this uncertain political climate, investors are keeping a careful eye on pivotal price levels.
U.S. Government’s $2 Billion Bitcoin Transfer Causes 3.8% Price Drop
A recent transfer of 29,800 BTC, worth almost $2 billion, by the US government has sent shockwaves across the cryptocurrency market. The theft of this Bitcoin from the Silk Road dark web marketplace and its subsequent transfer to an anonymous wallet caused a 3.8% decline in the price of Bitcoin.
The market’s reaction clearly shows how sensitive it is to large transactions. Concerns about rising market volatility and unpredictability have analysts wondering if the government intends to sell or handle these assets differently.
Key points:
- Transfer of 29,800 BTC worth $2 billion
- Bitcoin price dropped by 3.8%
- Market sensitive to large transactions
The U.S. government’s actions have introduced volatility, with investors closely monitoring potential impacts on Bitcoin’s supply and price movements.
M2’s New Service Enhances BTC Accessibility in UAE, Potential Price Boost
Residents of the United Arab Emirates can now trade Bitcoin and Ethereum straight from their bank accounts thanks to a new service established by the M2 crypto exchange. With the addition of this service, making deposits and withdrawals as easy as pie is now possible on M2’s platform, which lets customers convert UAE dirhams into Bitcoin and Ethereum.
Deposits from UAE bank accounts can now be used for cryptocurrency trading. Utilizing M2’s spot market, UAE dirhams may now be converted directly into Bitcoin and Ether, thanks to the new integration. The cryptocurrency exchange M2 has stated that its users residing in the UAE will soon be able to
Key points:
- Trade Bitcoin and Ether directly from UAE bank accounts
- Convert UAE dirhams into cryptocurrencies easily
With the backing of an FSRA license and the oversight of the UAE government, M2 is working to unite conventional banking with cryptocurrency in the hopes of strengthening the UAE’s crypto sector. This initiative’s efforts to make cryptocurrency more accessible and liquid might lead to a price increase for Bitcoin, as more trading volume and interest from investors might increase the cryptocurrency’s price.
Bitcoin Price Prediction
On the 4-hour chart, Bitcoin’s (BTC/USD) current price is $66,400. To see where prices are going next, you need to watch the pivot point around $65,600.
There is a degree of immediate opposition at $66,819 and then levels of subsequent resistance at $67,514 and $68,842. On the other side, $65,593 serves as an immediate support level, while $64,689 and $63,692 provide further support levels. Bitcoin is currently selling for $66,369 per coin. Prize money: $65,600. Above this, I am bullish. Below, I am bearish. At 43.06, the Relative Strength Index suggests that the market may be oversold. Note that $65,593 will serve as support and $66,819 as opposition.
The technical indications paint a mixed picture. With the relative strength index (RSI) at 43.06, we may be seeing somewhat oversold conditions, which could lead to an opportunity for price appreciation. The 50-day exponential moving average (EMA) offers more support at the $66,819 level. A critical level to watch is $65,600, where the rising trendline is offering support. If Bitcoin stays over $65,600, the upward trendline could propel a purchasing trend, even though the 50 EMA and RSI are showing a bearish trend.
Remaining above it might maintain the upward momentum, making it a crucial level. If prices fall below this level, however, the negative trend can be further intensified. Once Bitcoin reaches the $65,600 mark, a positive perspective will be evident. If this support holds, a purchasing trend might emerge, while a decline would indicate a bearish scenario.
