Bitcoin Price Reclaims $65k After Brief Dip, But Is the Threat Over Yet?

The total value of cryptocurrency increased by 5.3% in 24 hours, led by Bitcoin.
Data suggests Bitcoin miners are selling less in anticipation of a future price increase.
A crypto analyst predicts Bitcoin's price will continue to rise, with short-term and mid-term targets of $72k and $96k respectively.

There’s been a notable rebound for the crypto world: the market cap has jumped by 5.3% in the last day, reaching around $2.47 trillion. The main driver? Bitcoin (BTC) leading the charge. This comeback follows a brief dip in Bitcoin’s value below $60k, sparked by tensions in the Middle East. But despite the turmoil, Bitcoin and other digital currencies have once again shown their strength as a safe haven for investors.

The recent ups and downs in crypto prices, driven by a lot of leveraging in trading, have led to over $293 million being wiped out, mostly from long trades.

This spike in volatility serves as a reminder of the risks involved in trading with leverage.

Miners Cut Back on Selling

With the fourth Bitcoin halving on the horizon, miners are selling less. Recent data analysis shows that miners are transferring about 374 BTC to exchanges daily, down from 1388 BTC just in February.

Grayscale’s Bitcoin Trust (GBTC) has seen a drop in selling pressure, hinting that the downward trend might be coming to an end. Meanwhile, inflows from BlackRock’s Bitcoin Trust (IBIT) have balanced out the outflows from GBTC, lessening its impact.

Hong Kong’s entry into the world of spot Bitcoin ETFs could set off a chain reaction in other countries, particularly in Asia, starting with Singapore.

Also Read: Bitcoin ETFs See $55M Outflow: Market Correction or Sign of Trouble?

Technical Analysis: Bitcoin’s Bullish Trend

According to crypto expert Captain Faibik, Bitcoin’s daily bullish pattern has shifted into a bullish rectangle, signaling positive momentum. However, Faibik warns traders to stay alert, as Bitcoin could drop to $52k if it fails to hold steady around $62k.

$BTC Bullish Pennant has evolved into a Bullish Rectangle on the daily timeframe chart.

Now, #Bitcoin bulls must defend the 60-61k Support area.

In case of a Bounce back from here, a bullish rally towards the 72k Resistance level is expected.

In the worst case Scenario, if… https://t.co/ha4ZmHd6Bz pic.twitter.com/YDQdSYSKQX
— Captain Faibik (@CryptoFaibik) April 19, 2024

Despite potential short-term bumps, Captain Faibik remains optimistic, setting a target of $72k in the near future and aiming for $96k in the mid-term. This positive outlook reflects broader market sentiment, fueled by ongoing developments and institutional interest in cryptocurrencies.

Read Now: How Will Bitcoin Halving Impact Top Cryptos

Is the current market volatility a buying opportunity, or are you waiting for a dip?