- The Bitcoin price shows increasing bearish market momentum.
- BTC has a formidable support wall at the $54,000 zone.
Between April 14 and April 19 the Bitcoin price dropped from $63,600 to $54,500. Before that, the Bitcoin price had jumped from $51,275 to $63,6000 between March 26 and April 13. Let’s take a closer look with technical analysis.
The Bitcoin Price Hovers Horizontally Below 50-day SMA
Following the dip, the Bitcoin price has been hovering horizontally around $55,500 over the last three days under the 50-day SMA. The MACD shows increasing bearish market momentum. Plus, the parabolic SAR shows that market sentiment has reversed from positive to negative.
Image: BTC/USD daily
The nearest support wall for Bitcoin price lies at $54,000. Previously, at this level, nearly 437,000 addresses had purchased over 338,000 BTC tokens.
Bitcoin Price Resetting
Glassnode shared the following chart and the corresponding tweet:
"#Bitcoin STH-SOPR has reset to the lowest value since the $29k dip back in Jan This means some short term holders spent coins and took losses during the dip. However, it also means coins in profit were not shaken out."
Whales Accumulating Again
"#Bitcoin millionaires are showing signs of accumulating once again, following their selloff that began on April 10th, just prior to $BTC's $64.7k #AllTimeHigh. In the last 3 days, around 20,000 more $BTC ($1.13B) are owned by these whale addresses.”
Time Magazine Now Accepts Bitcoin Payments
The Time Magazine recently announced its partnership with Crypto.com to accept Bitcoin and other cryptocurrencies for digital subscription payments. Global access is expected to come out “in the next several months”. As of now, it is only available in the US and Canada.
According to The Block report, Time will accept all digital assets that are currently supported by Crypto.com Pay. These assets include Bitcoin, Ether, Dogecoin, XRP, and Litecoin, as well as other DeFi tokens.
Time noted that it is offering rewards up to 10% for subscribers who pay with Crypto.com native token CRO. The publication’s president Keith Grossman noted that the publication has 2.3 million subscribers.
Time has taken many crypto initiatives in recent times.The publication auctioned its covers as non-fungible (NFTs) for $435,000 in March. It also reportedly plans to hire a person who understands Bitcoin and other cryptocurrencies as the new chief financial officer.
Bitcoin Price Is Expected To Reach These Levels
Bitcoin price needs to flip the 50-day SMA from resistance to support to continue its upward surge. If BTC flips the 50-day SMA, the buyers will attempt to conquer the 20-day SMA again ($59,000).