• Bitcoin price has dropped by 2 % over the last few days, with the RSI indicator forming a falling divergence.
• On-chain data shows that miners have reduced their sell pressure and whales have continued to accumulate more Bitcoin.
• Rekt Capital believes that Bitcoin will break its macro downtrend in either March or April of 2024.
The crypto market has been in a state of flux in recent days, with Bitcoin’s price dropping by two percent to trade around $23.4k on Friday. This drop has been caused by a falling divergence that has been observed on the four-hour time frame, which is usually a sign of a price dump. This has caused some concern among Bitcoin bulls, as a death cross appears to be possible for the first time since its inception. This would result in the 50 and 200 WMAs, which have acted as a support line for the past ten-plus years, to become a resistance line.
Despite this, popular crypto analyst Rekt Capital is still optimistic about the future of Bitcoin and believes that it will break its macro downtrend in March or April of 2024, which is around 366 to 396 days before the upcoming halving event. This belief is supported by on-chain data that shows that miners have reduced their sell pressure after taking profits in recent weeks and whales have continued to accumulate more Bitcoin, even with the volatility of the market.
The macroeconomic influence on Bitcoin price is becoming increasingly evident, as it has a significant correlation with global market indexes. This has led to some speculation on how Bitcoin will perform in the future, with many predicting that it will continue to be influenced by the movements of global markets.
Overall, it appears that Bitcoin is still in a state of flux, and it remains to be seen how it will perform in the coming days and weeks. However, many in the crypto community are still optimistic that it will break its macro downtrend in the near future and continue to rise. With the halving event coming up in April 2024, it will be interesting to see how the market reacts to this news and whether Bitcoin will reach new highs.