Key Points
- Despite a recent price drop, the number of long-term Bitcoin holders has increased.
- If a bullish takeover occurs, Bitcoin might first reclaim $68k.
Bitcoin [BTC] experienced a significant drop in the past 24 hours, failing to retest its all-time high as many had anticipated. In the past few hours, however, BTC has somewhat stabilized near $66k.
Bitcoin’s Recent Downturn
According to data from CoinMarketCap, BTC’s price has fallen by over 4% in the last 24 hours. At the time of writing, the cryptocurrency was hovering around $66k, with a market capitalization exceeding $1.31 trillion.
Data from IntoTheBlock reveals that despite the recent setback, the number of long-term Bitcoin holders (those holding BTC for more than a year) is on the rise. CryptoQuant’s data shows that its binary CDD is green, indicating that the movement of long-term holders in the last week was lower than average, suggesting a motivation to hold onto their coins.
Upcoming Targets for Bitcoin
A review of BTC’s daily chart reveals potential future directions. The Relative Strength Index (RSI) suggests a few more days of consolidation, while the MACD indicates the possibility of a bearish crossover. However, the Bollinger Bands suggest that BTC is about to test its 20-day Simple Moving Average (SMA). An increase in the Chaikin Money Flow (CMF) suggests that Bitcoin may successfully test this support.
If the bearish trend continues, Bitcoin could drop to $65k as liquidation increases. A further drop could push BTC down to around the $60k range. However, if a trend reversal occurs, BTC might reclaim $68k before attempting to retest its all-time high. If BTC manages to retest its all-time high, it will be interesting to see if it can surpass it.
