Author: William Suberg Source: cointelegraph Translation: Shan Oppa, Golden Finance
< p style="text-align: left;">Bitcoin prices face new downside risks after falling 15% over the weekend. Traders and analysts are assessing where the market may bottom and when that might happen.As of April 16, the BTC/USD price failed to maintain a significant rebound after challenging $61,000, and is currently hovering near $62,000.
Popular analyst Mark Cullen believes that Bitcoin price will once again test the resistance level of $60,000.
He used Elliott Wave Theory to predict that Bitcoin may experience a final round of decline, with the price falling to around $59,000.
"It is still possible that Bitcoin will have a final leg down to complete the C wave in the wider sideways correction pattern," he told followers express.
Other analysts hold different views. Cryptocurrency research firm Arcane Research said that Bitcoin prices are likely to rise back above $65,000 in the coming weeks.
The company said in a report that despite the recent weak market sentiment, some key indicators remain optimistic, such as Bitcoin whales (those holding large amounts of Bitcoin). The number of investors) is increasing.
Overall, the short-term trend of Bitcoin prices remains unclear. Investors should pay close attention to market dynamics and conduct transactions with caution.
A price level of $59,000 would bring BTC price action to its lowest levels since late February and compare to the recent all-time highs of about 20% The biggest drop.
Next, including well-known analyst Matthew Hyland Others, including analysts, are looking to the upcoming weekly close for more insight into the persistence of the current pullback.
Hyland uploaded a chart and noted that BTC/USD has broken below support at the 10-week simple moving average (SMA), which currently sits at 64,130 Dollar.
"A lot depends on how the weekly candle closes," he wrote in a related comment.
"The last time this moving average was tested, it was a great buying opportunity and the price never closed below it."
Data from Cointelegraph Markets Pro and TradingView show that the last full candle below the 10-week moving average occurred in mid-2023.
Contribution to the on-chain analysis platform CryptoQuant For Binh Dang, longer time frames could create a frustrating scenario for Bitcoin bulls.
By analyzing the Adjusted Cumulative Value Days Destroyed (CVDD) metric, he predicts that BTC/USD may remain lower for longer before re-challenging highs time.
CVDD measures the number of days a token has been in its wallet while moving on-chain and multiplies it by the current price.
"My adjusted CVDD indicator did a good job of identifying the local top and now, I'm looking for BTC support to test and accumulate in phase 2 (orange line) ," Binh explained alongside an illustrative chart.
While history suggests a deeper correction is likely, Binh added that he does not expect the current falling geopolitical dynamics to reach panic levels, such as in 2020 During the COVID-19 cross-market crash in March.
Now, price hitting the chart's "Phase 1" line just below $40,000 constitutes a "worst case scenario."
Ethiopia has become one of the world's largest recipients of Bitcoin mining machines. The Ethiopian National Electricity Corporation said it has reached power supply agreements with 21 Bitcoin miners, 19 of which are from China.
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