The world’s biggest cryptocurrency, Bitcoin, is consolidating in a tight range between $65,800 and $67,130 following the completion of its halving event. However, on April 24, 2024, a prominent trader and analyst made a post on X (Previously Twitter), stating that the TD Sequential indicator just signaled a sell on Bitcoin’s 12-hour chart.
Will the BTC price fall?
Additionally, the analyst also highlighted that currently, Bitcoin is experiencing resistance around the middle of the parallel channel. Besides this, Bitcoin is currently trading near strong support of the 200 EMA (Exponential Moving Average) level of $66,000, and in the last 24 hours, it experienced a decent 0.6% downside momentum. If we look at the performance of Bitcoin over a longer period, in the last 7 days after the halving event, it gained nearly 6% of upside momentum. Whereas in the last 30 days, the price has remained stable.
Bitcoin’s technical analysis and key levels
According to expert technical analysis, Bitcoin will remain stable until it either gives a breakout of $67,130 or a breakdown of a lower level of $65,800. If Bitcoin on a 4-hour time frame gives a candle closing above $67,130, then there is a high possibility that Bitcoin will hit the $70,000 level. Otherwise, if it gives a candle closing below the $65,800 level, then we will witness a massive downside momentum till the $64,000 level or more.
However, these both levels are equally important for traders as well as investors. But looking at the current market sentiment and the performance of other cryptocurrencies, it looks like Bitcoin will also experience upside momentum.
Besides Bitcoin, other cryptocurrencies like Ethereum, Solana, Binance Coin, and others are also struggling to gain momentum. As these tokens, in the last 24 hours, experienced nearly 1% of downside momentum.
Meanwhile, the crypto-meme industry gained massive attention today as it is up by over 5.5%, and the 24-hour volume also experienced a massive 45% surge, currently standing near $7.49 billion. This massive growth in the trading volume highlights investors’ as well as traders’ interest in meme coins. As the top tokens like Dogwifhat (WIF), Floki (FLOKI), Bonk (BONK), and Cat in a Dog’s World (MEW) gained massive upward momentum of over 12%, 4%, 25%, and 26%, respectively.
