The long awaited BTC halving took place early Saturday, where 840.000th block was added to the blockchain. BTC`s volatility in price was widely expected, as it usually occurs during times of halving, so the same occurred this time. The price of BTC dropped down to the level of $60K, however, the whales used this opportunity to buy the dip. As news is reporting, some $1.2B worth of BTC was bought during this time. There was a lot of discussion among analysts how the halving will impact the price of BTC, however, without an agreement. On one side were those noting that the price might drop, while there was a higher number of analysts who were noting that the price of BTC can only go up, and that halving will not significantly impact the price of BTC. After the halving was finalized, one thing was clear – BTC managed to hold its current $ 65K level.
The RSI reached its lowest level at 40 during the week, however, it is still away from the clear oversold market side. Moving average of 50 days is currently slowing down its divergence from MA200, however, there is not yet an indication that the line started its convergence move.
The level of support line at $60K has been tested during the week. Certainly, most of the moves toward the downside were triggered by BTC halving, but we should not diminish the impact from the geopolitics in the Middle East. The previous weekend, BTC had a strong move of 7% toward the downside, due to this reason, and in this sense, its impact should not be overseen. On the other hand, last week the market showed that there are still funds standing aside, waiting to be tanked in BTC. Whales did their job to push the BTC price to the level of resistance at $65K. Current question is can the price of BTC move higher from the $ 65K level? Most probably yes, but not necessarily in the week ahead. At this moment, charts are showing a potential for the level of $68K, but not higher. There is also the same probability that the BTC might for one more time test the $60K support line.
The RSI reached its lowest level at 40 during the week, however, it is still away from the clear oversold market side. Moving average of 50 days is currently slowing down its divergence from MA200, however, there is not yet an indication that the line started its convergence move.
The level of support line at $60K has been tested during the week. Certainly, most of the moves toward the downside were triggered by BTC halving, but we should not diminish the impact from the geopolitics in the Middle East. The previous weekend, BTC had a strong move of 7% toward the downside, due to this reason, and in this sense, its impact should not be overseen. On the other hand, last week the market showed that there are still funds standing aside, waiting to be tanked in BTC. Whales did their job to push the BTC price to the level of resistance at $65K. Current question is can the price of BTC move higher from the $ 65K level? Most probably yes, but not necessarily in the week ahead. At this moment, charts are showing a potential for the level of $68K, but not higher. There is also the same probability that the BTC might for one more time test the $60K support line.
