Bitcoin’s price on March 21st, 2024, hovered around $67,439.74 at one point with a 24-hour trading volume of $68.10B, according to data from CoinMarketCap. However, there was a noticeable downward trend, with the price falling to the $65.6K level towards the end of the chart. This indicates a bearish turn in the market within the observed timeframe.
A glance at the 4-hour chart reveals that Bitcoin is currently trading within a certain band, dictated by both support and resistance levels. The support level hovers around $65,097 with resistance at approximately $68,798.
The Exponential Moving Averages (EMA) also offer insight, with EMA 20 at about $65,808, EMA 50 at nearly $66,750, and EMA 200 at around $62,485. Interestingly, the Stochastic Relative Strength Index (Stoch RSI) positions itself in the middle range, indicating no clear signs of an overbought or oversold market.
Shifting the focus to the 2-hour chart, the Supertrend indicator marks the current sentiment as bearish, signaling a cautious stance for market participants. The Average Directional Index (ADX), noted at 17.72, points to a weaker prevailing trend, thus calling the strength of the current bearish trend into question.
The Money Flow Index (MFI) at 48.33 aligns with this sentiment, leaning towards a lower end that implies a less than robust buying pressure.
Should buying pressure revive, BTC could aim for a weekly candlestick close above $69,000, setting the stage for a potential climb to around $74,000, constituting a roughly 10% increase from current levels.
Read also: Ether ETF Approval Odds Dip to 35% Amid SEC Silence, Analysts Say
On the downside, profit-taking might lead to a correction. Support levels to watch include the range between $57,673 and $65,656. In a more severe scenario, a slump could send Bitcoin down to the weekly imbalance zone between $52,985 and $59,005 before potential upward movement resumes.
As Bitcoin prepares for the inaugural Bitcoin Investor Day in NYC, investors are closely watching for any developments that could impact market sentiment. The event, which brings together sophisticated Wall Street investors interested in BTC, could provide insights and networking opportunities that influence market dynamics.
Tomorrow is the inaugural Bitcoin Investor Day in NYC.
This is an annual meeting for sophisticated Wall Street investors interested in Bitcoin.
Speakers include @CathieDWood, @novogratz, @Scaramucci, @DTAPCAP, @MarkYusko & more.
TICKETS: https://t.co/gjDhsdW92G
— Pomp 🌪 (@APompliano) March 21, 2024
Additionally, factors such as dwindling spot BTC exchange-traded funds (ETFs) inflows and the evolving investment strategies of institutional investors contribute to the overall market sentiment.
