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Bitcoin has dropped to $28,838 today as the bears mount pressure to push it down further. The apex cryptocurrency rallied between April 11 and April 18 before losing its grip on the $30,000 price level.
However, the current sentiment hints at a further decline as the general market slows.
Bitcoin Price Action
Bitcoin recovered remarkably from the 2022 crypto winter moving from $16,625 on January 1, 2023, to $20,976 on January 14. BTC traded between $22,000 and $24,000 in February before dropping to $20,363 on March 10.
However, it spiked from $22,163 on March 12 to $30,235 on April 11. Currently, the bears have returned BTC’s price to $28,848.
Bitcoin Price Prediction With Technical Indicators
Bitcoin has dropped on the price chart today. The doji candlestick formation on the daily chart represents trader indecision in the market, as the bears and bulls are evenly matched.
Doji candlesticks often signal price reversals. However, the next candlestick is critical for confirmation of the price direction.
Also, the Relative Strength Index (RSI) is 51.65 in the neutral zone. The RSI’s sideways movement reflects the current indecision in today’s market.
BTC’s Moving Average Convergence/divergence (MACD) has dropped below its signal line, confirming the bearish trend. Also, the MACD is descending, indicating the possibility of further price decline.
Bitcoin has remained above its 50-day and 200-day Simple Moving Averages (SMA) despite its bearish outlook. It implies that BTC’s price will likely correct to the upside if the bulls can rally once more.
BTC Support And Resistance Levels
Bitcoin’s recent price trend has formed new resistance and support levels for the asset. BTC’s support levels are $16,337, $19,569, $21,376, and $25,270. Currently, its resistance levels are $28,819, $29,422, and $30,378.
Bitcoin’s price action today suggests that the price might decline further on the daily chart. However, a return to the $27,800 might not occur anytime soon as the bulls might reclaim the market at the $28,819 resistance level to return BTC to $29,000.
Expect high volatility in BTC’s price in the coming days.
Experts’ Short and Long-Term Bitcoin Price Prediction
Experts have weighed in on Bitcoin’s price action and submitted predictions based on technical and fundamental analysis.
Bitcoin Price Prediction in 2023
Changelly predict BTC will trade at a minimum of $29,337, a maximum of $34,690, and an average of $30,426. Also, Bitcoinwisdom tips Bitcoin to trade at a minimum of $35,396, an average of $41,304, and a maximum of $44,256.
Bitcoin Price Prediction in 2025
Fpr 2025, Bitnation predicts a minimum price of $94,437, an average price of $103,291, and a maximum of $112,144 for BTC. Coinpedia also echoes similar sentiments, predicting a minimum of $65,556, an average price of $95,298, and a maximum price of $124,867.
Bitcoin Price Prediction 2030
Business2community predicts a minimum price of $70,000 and a maximum of $150,000 by 2030. Also, CryptonewsZ predicts a minimum of $159,502 and a maximum of $243,636.
Factors That Might Influence Bitcoin’s Price
Several factors could influence Bitcoin’s price action directly or otherwise. These factors are listed below.
1) Macroeconomic Factors: Global issues such as wars, inflation, recession, and flooding could affect crypto and mining activities, thus reducing productivity. If mining activities reduce, Bitcoin’s price will decline since it uses a proof-of-work (PoW) mechanism.
2) Crypto Regulations: Some nations have suppressive crypto laws that hinder the growth and expansion of cryptocurrencies. Others have absolute bans on crypto, such as China and Qatar. This could affect the performance of cryptocurrencies.
3) Supply And Demand: The laws of supply and demand remain relevant for any financial market. Scarcity will encourage a price increase for a given asset. However, if the supply exceeds the demand, the asset losses value in the market.
Notable Trends On The Bitcoin Network
Bitcoin Drops Below $28,000 As Liquidation Spree Hits Market
Bitcoin fell below two psychological price barriers of $30,000 and $28,000 within 24 hours, liquidating $66.14 million long positions. Also, the general crypto market saw total liquidations of up to $300.10 million in the same timeframe.
Traders in long positions (buy orders) were affected. 80% of liquidations occurred on Binance, OKX, and ByBit exchanges.
Dormant BTC Whale re-awakens After 9 Years
A Bitcoin whale address dormant over 9 years transferred 2,071.5 BTC ($60.7 million) today. This whale address was last active on December 19, 2013, when it received 6,071 BTC at $663 per token.
Although the reason for the move is speculative, Tay, a Twitter user, believes it is a safety precaution from a wallet-draining operation. This hack allegedly targets old wallets and is not a random attack.
Bitcoin Alternative
Bitcoin is experiencing price volatility and uncertainty. However, there are rewarding presales that are gaining more relevance.
Ecoterra (ECOTERRA)
Ecoterra is an initiative committed to safeguarding the environment through safe recycling practices. It also features a recycle-to-earn model to incentivize users to protect their environment and earn rewards.
Ecoterra is the platform’s token, and it is currently on presale. This token handles all activities in the ecosystem and will keep gaining relevance as the roadmap unfolds. Also, they serve other purposes, such as personal investment, beach cleaning, and staking.
Ecoterra plans to roll out a mobile app to make all operations easy for their growing community. There is a functional Carbon Offset Marketplace where users purchase carbon credits to combat carbon emissions.
Carbon offsets are recorded in the marketplace and immortalized as NFTs recognizing users’ environmental contributions.
Each ECOTERRA token is worth $0.00625, and the current presale stage has just eight days left.
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