Bitcoin is showing strong price growth. A close look at the dynamics of the BTC/USD pair shows strong growth above the $65,000 mark. However, trading below the 100-hour simple moving average may cause concern for some investors. This situation may lead to short-term uncertainty in the market. Also important is the uptrend line formed at $65,900 according to the hourly chart. This line becomes an important indicator supporting the current upward movement. However, the price needs to overcome the resistance levels at $67,500 and $68,000. This could signal the start of a new rally. Looking at the latest price changes, the highest level was around $67,614 and it looks like earnings are currently consolidating. The price trading near the 23.6% Fibonacci retracement level of the rise from $62,614 to $67,614 gives us an idea of the possible direction of the market in the near term.
Cryptocurrency leader Bitcoin has been showing significant activity lately. However, if it fails to break through the resistance zone at $68,000, digital gold could enter another downtrend. The immediate support currently lies at $66,000, close to the trend line. A fall below these levels could signal a more serious decline in the price of the flagship cryptocurrency Bitcoin (BTC). The first major support for Bitcoin lies at $65,200, or the 50% Fibonacci retracement of the rise from $62,614 to $67,614. A price below this level may indicate increased selling pressure in the market. More importantly, a close below the $63,800 level could trigger a significant drop towards the $61,200 level. In this case, the support area around $60,500 could be targeted in the short term. Bitcoin is currently trading at $67,460.
It should be remembered that demand for Bitcoin ETFs may increase as prices fall, and net flows of spot Bitcoin ETFs (BTC) may increase even if BTC prices do decline and continue. Using data from historical net flow trends, demand for Bitcoin ETFs typically occurs when the cryptocurrency reaches certain support levels. Spot Bitcoin ETFs have recorded negative net flows over the past four trading sessions, characterized by ongoing outflow of funds from the Grayscale Bitcoin Trust ETF and a decrease in inflows into other Bitcoin ETFs.
New BTC whales, especially ETF buyers, have an on-chain value of around $56,000, and he expects significant inflows into ETFs to resume if Bitcoin falls to that level.
It can be assumed that further price declines are still possible, given that corrections typically result in a maximum drop of around 30%, which would see Bitcoin fall to around $51,000 from its recent all-time high of $73,750. Bitcoin’s recent correction was driven by overheated market conditions that analysts have called a “pre-halving pullback” ahead of the Bitcoin miner reward halving event due to take place in April.
A recent report from CryptoQuant shows that Bitcoin’s bull cycle is far from over, given relatively low levels of investment flows from new investors and price performance still below levels seen at past market tops. Meanwhile, the upcoming halving event has historically been an important factor in BTC price growth, which has ultimately resulted in a parabolic uptrend on more than one occasion.
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