United

Bitcoin

<div class="finbold">
 <p class="paragraph">As the price of Bitcoin (BTC) continues to decline, bears are trying to break it below the critical level of $60,000, and, should they succeed, it could spell trouble for the flagship decentralized finance (DeFi) asset and possibly the rest of the cryptocurrency market.</p>
 <p class="paragraph">Indeed, Bitcoin has recently “reclaimed the range lows &amp; now tests them again” as the “fight goes on” between bulls and bears, according to the chart pattern observations shared by pseudonymous crypto industry expert <em>CryptoJelleNL </em>in an X post on April 18.</p>
 <figure class="wp-block-image"><img decoding="async" width="900" height="865" src="https://cdn.thebittimes.com/images/2024/04/18/0890a4360d37838b9f16a51eae6d46b9.webp" alt="Bitcoin bulls vs. bears" class="wp-image-169837" srcset="https://cdn.thebittimes.com/images/2024/04/18/0890a4360d37838b9f16a51eae6d46b9.webp 900w, https://cdn.thebittimes.com/images/2024/04/18/0890a4360d37838b9f16a51eae6d46b9.webp 300w, https://cdn.thebittimes.com/images/2024/04/18/0890a4360d37838b9f16a51eae6d46b9.webp 768w" sizes="(max-width: 900px) 100vw, 900px">
  <figcaption class="wp-element-caption"><em>Bitcoin bulls vs. bears. Source: </em><em>CryptoJelleNL</em>
  </figcaption>
 </figure>
 <h2 class="wp-block-heading" id="h-patience-is-the-name-of-the-game">Patience is the name of the game</h2>
 <p class="paragraph">Earlier, amidst this ongoing struggle, the crypto analyst noted that bulls were “stepping in to defend $61k once more,” advising his followers to remain patient and “hold steady” until Bitcoin is back above $70,000 and then “pick up the profit-taking again.”</p>
 <div class="border border-red-300 rounded-xl p-6 not-prose mb-6">
  <h3 class="text-2xl font-black mt-0 flex gap-x-3 mb-5">
   <svg width="32" height="32" viewbox="0 0 32 32" fill="none" xmlns="//www.w3.org/2000/svg"><path d="M4 10.6665V25.3332C4 28.2678 6.392 29.3332 8 29.3332H28V26.6665H8.016C7.4 26.6505 6.66667 26.4078 6.66667 25.3332C6.66667 24.2585 7.4 24.0158 8.016 23.9998H28V5.33317C28 3.8625 26.804 2.6665 25.3333 2.6665H8C6.392 2.6665 4 3.73184 4 6.6665V10.6665ZM8 5.33317H25.3333V21.3332H6.66667V6.6665C6.66667 5.59184 7.4 5.34917 8 5.33317Z" fill="#EF4444"> 
    </path> <path d="M15.996 18.6668L20.4626 14.2815C20.738 14.0166 20.9571 13.6989 21.1068 13.3473C21.2564 12.9957 21.3336 12.6176 21.3336 12.2355C21.3336 11.8534 21.2564 11.4752 21.1068 11.1236C20.9571 10.7721 20.738 10.4543 20.4626 10.1895C19.9074 9.64148 19.1587 9.33422 18.3786 9.33422C17.5985 9.33422 16.8498 9.64148 16.2946 10.1895L15.996 10.4801L15.6973 10.1881C15.1423 9.64023 14.3938 9.33301 13.614 9.33301C12.8341 9.33301 12.0856 9.64023 11.5306 10.1881C11.2552 10.453 11.0361 10.7707 10.8865 11.1223C10.7368 11.4739 10.6597 11.852 10.6597 12.2341C10.6597 12.6162 10.7368 12.9944 10.8865 13.346C11.0361 13.6975 11.2552 14.0153 11.5306 14.2801L15.996 18.6668Z" fill="#EF4444"> 
    </path>
   </svg> Picks for you</h3>
  <div class="grid md:grid-cols-2 gap-x-10 gap-y-3 md:gap-y-5 divide-y divide-gray-300 md:divide-y-0">
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    Bitcoin <a rel="noopener noreferrer nofollow" title="stability" href="https://thebittimes.com/tag/stability.html">stability</a>; This signal primed to stabilize BTC’s price moving forward <span class="self-center text-xs text-slate-500">27 mins ago</span>
   </div>
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    How the elite grow their fortunes: A guide to billionaire investment strategies <span class="self-center text-xs text-slate-500">1 hour ago</span>
   </div>
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    Bulls vs. bears: Analyst warns of Bitcoin crash to $56k <span class="self-center text-xs text-slate-500">1 hour ago</span>
   </div>
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    Crypto startup seeks $120 million in funding, eyeing $1 billion valuation <span class="self-center text-xs text-slate-500">16 hours ago</span>
   </div>
  </div>
 </div>
 <div class="mb-4 bg-slate-50 rounded-md layout-adjustment">
  <div id="finbold.com_middle" style="min-width: 300px; min-height: 250px;">
  </div>
 </div>
 <p class="paragraph">Meanwhile, he admitted that “charts are looking grim, but it’s always darkest before dawn,” which is “especially true in a bull <a rel="noopener noreferrer nofollow" title="market" href="https://thebittimes.com/tag/market.html">market</a>” and argued that “dips are part of the game,” attaching chart pattern <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> that illustrates previous Bitcoin bull <a rel="noopener noreferrer nofollow" title="market" href="https://thebittimes.com/tag/market.html">market</a>s.</p>
 <figure class="wp-block-image"><img decoding="async" width="800" height="412" src="https://cdn.thebittimes.com/images/2024/04/18/8acbd9d7830e958708f2dce5519edd88.webp" alt="Previous Bitcoin bull markets" class="wp-image-169840" srcset="https://cdn.thebittimes.com/images/2024/04/18/8acbd9d7830e958708f2dce5519edd88.webp 800w, https://cdn.thebittimes.com/images/2024/04/18/8acbd9d7830e958708f2dce5519edd88.webp 300w, https://cdn.thebittimes.com/images/2024/04/18/8acbd9d7830e958708f2dce5519edd88.webp 768w" sizes="(max-width: 800px) 100vw, 800px">
  <figcaption class="wp-element-caption"><em>Previous Bitcoin bull markets. Source: </em><em>CryptoJelleNL</em>
  </figcaption>
 </figure>
 <p class="paragraph">At the same time, it is also worth noting that another renowned crypto trading expert, Michaël van de Poppe, has likewise observed “a waiting game on Bitcoin currently, as momentum is relatively gone,” adding that he was “expecting to continue retracement and consolidation.”</p>
 <p class="paragraph">In addition, he has also pointed out that “capitulation is often the period of reversal,” acknowledging the possibility that “Bitcoin dominance has peaked after this consolidation and a reversal is on the horizon,” and demonstrating with a chart of Bitcoin’s dominance.</p>
 <figure class="wp-block-image"><img loading="lazy" decoding="async" width="1600" height="851" src="https://cdn.thebittimes.com/images/2024/04/18/fdc2690f99bb215779cecc6cbdce4774.webp" alt="Bitcoin dominance chart" class="wp-image-169841" srcset="https://cdn.thebittimes.com/images/2024/04/18/fdc2690f99bb215779cecc6cbdce4774.webp 1600w, https://cdn.thebittimes.com/images/2024/04/18/fdc2690f99bb215779cecc6cbdce4774.webp 300w, https://cdn.thebittimes.com/images/2024/04/18/fdc2690f99bb215779cecc6cbdce4774.webp 1024w, https://cdn.thebittimes.com/images/2024/04/18/fdc2690f99bb215779cecc6cbdce4774.webp 768w, https://cdn.thebittimes.com/images/2024/04/18/fdc2690f99bb215779cecc6cbdce4774.webp 1536w" sizes="(max-width: 1600px) 100vw, 1600px">
  <figcaption class="wp-element-caption"><em>Bitcoin dominance chart. Source: </em><em>Michaël van de Poppe</em>
  </figcaption>
 </figure>
 <h2 class="wp-block-heading" id="h-btc-price-prediction">BTC price prediction</h2>
 <p class="paragraph">In the meantime, crypto <a rel="noopener noreferrer nofollow" title="market" href="https://thebittimes.com/tag/market.html">market</a> analyst Ali Martinez has also highlighted that Bitcoin had entered a consolidation phase within a defined trading channel, recognizing $61,000 as a critical support <a rel="noopener noreferrer nofollow" title="level" href="https://thebittimes.com/tag/level.html">level</a> that could push BTC down to $56,200 or trigger a rally toward $66,500.</p>
 <figure class="wp-block-image"><img loading="lazy" decoding="async" width="800" height="523" src="https://cdn.thebittimes.com/images/2024/04/18/65fc69980daed8adb64e7254d7a3382f.webp" alt="Bitcoin price action analysis" class="wp-image-169839" srcset="https://cdn.thebittimes.com/images/2024/04/18/65fc69980daed8adb64e7254d7a3382f.webp 800w, https://cdn.thebittimes.com/images/2024/04/18/65fc69980daed8adb64e7254d7a3382f.webp 300w, https://cdn.thebittimes.com/images/2024/04/18/65fc69980daed8adb64e7254d7a3382f.webp 768w" sizes="(max-width: 800px) 100vw, 800px">
  <figcaption class="wp-element-caption"><em>Bitcoin price action analysis. Source: </em><em>Ali Martinez</em>
  </figcaption>
 </figure>
 <p class="paragraph">That said, another important development to factor in the future price of the maiden crypto asset is its upcoming halving, which will take place on April 19 and has historically led to a marked increase in Bitcoin’s price due to the heightened demand driven by a reduction in supply.</p>
 <h2 class="wp-block-heading" id="h-bitcoin-price-analysis">Bitcoin price analysis</h2>
 <p class="paragraph">At press time, Bitcoin was changing hands at the price of $61,470, which suggests a decline of 3.15% in the last 24 hours, a more significant 12.94% drop across the previous seven days, adding up to the 3.09% loss on its monthly chart, as per the most recent data.</p>
 <figure class="wp-block-image"><img loading="lazy" decoding="async" width="750" height="448" src="https://cdn.thebittimes.com/images/2024/04/18/a585ba1483c631d4d830b3121d569ebc.webp" alt="Bitcoin price 7-day chart" class="wp-image-169838" srcset="https://cdn.thebittimes.com/images/2024/04/18/a585ba1483c631d4d830b3121d569ebc.webp 750w, https://cdn.thebittimes.com/images/2024/04/18/a585ba1483c631d4d830b3121d569ebc.webp 300w" sizes="(max-width: 750px) 100vw, 750px">
  <figcaption class="wp-element-caption"><em>Bitcoin price 7-day chart. Source: </em><em>Finbold</em>
  </figcaption>
 </figure>
 <p class="paragraph">So, why is Bitcoin down? Notably, some of the reasons could include a decrease in demand for the crypto asset amid the strengthening of the United States Dollar Index due to delayed rate cuts and geopolitical turmoil in the Middle East, which has emerged as a deterrent to investor enthusiasm.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em> The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.&nbsp;</em></p>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/brace-for-impact-bitcoin-at-this-level-threatens-market-stability-tbt85678.html">https://thebittimes.com/brace-for-impact-bitcoin-at-this-level-threatens-market-stability-tbt85678.html</a></p>

Brace for impact: Bitcoin at this level threatens market stability

Table of Contents

TheBitTimes

Other articles published on Apr 18, 2024

Bitcoin at $1,000,000! What if Cathie Wood was right?

Token2024: Ava Labs CEO says Avalanche was ‘never ever’ marketed as ETH killer

Craig Wright Drops Lawsuit Against Bitcoin Devs

Bitcoin Price Falls As Bitcoin ETF Saw $165M Outflow, Bitwise Records First-Ever Outflow

Climate Action Africa urges broader stakeholder collaboration to address Nigeria’s climate crisis

Apple Invests $250 Million to Expand Singapore Campus for AI Work.

Join our free newsletter for daily crypto updates!