Bitcoin is currently trading just above $65,000, undergoing a 1.25% correction following a recent surge. This increase was fueled by weaker US CPI data, dovish FOMC sentiment, and a breakout from a symmetrical triangle pattern.
Despite this minor bearish correction, the Bitcoin price prediction remains optimistic, especially with Andrew Tate’s announcement to invest $100 million in Bitcoin and the decreasing BTC supply on exchanges.
Bitcoin’s supply on centralized exchanges has reached new lows amidst a bullish market sentiment. On-chain analytics firm Glassnode reported that the Bitcoin supply on exchanges now stands at 1,728,782 BTC, indicating a significant decrease as bullish sentiment continues to grow.
In the last 24 hours, 23,654 BTC have exited exchanges, with weekly outflows totaling 19,859 BTC. Monthly flows have also decreased, with only 9,509 BTC moving. This reduction suggests a rising bullish pressure as traders transfer their assets off exchanges.
Key points to note include Binance observing 7,155 BTC outflows, Coinbase Pro recording 16,075 BTC outflows, and a mass migration from exchanges indicating long-term holding and a positive market sentiment. Recent market activity has been fueled by positive CPI data and new institutional spot ETF disclosures.
Andrew Tate, a British-American social media personality and former kickboxer, has announced plans to invest $100 million in Bitcoin, expressing his disillusionment with traditional banks and their practices. Tate shared his intentions on social media, stating his desire to move away from fiat currency and heavily invest in Bitcoin.
Despite some skepticism from social media users, Tate remains committed to his crypto investment, criticizing banks and labeling their practices as scams. Known for his controversial online presence, Tate has previously been involved in cryptocurrency-related news, with Romanian authorities seizing significant assets from him, including Bitcoin.
Looking at the technical analysis, Bitcoin’s price prediction shows signs of retracement, with support at the $64,750 level. Immediate resistance is expected around $66,600, with further hurdles at $67,820 and $69,000 if Bitcoin breaks above these levels. On the downside, breaking below $64,750 could lead to a drop to $63,300.
The 50-day Exponential Moving Average on the four-hour time frame is likely to support BTC around $63,150, while the Relative Strength Index is currently in bullish territory. Buyers should keep an eye on the $64,750 and $63,300 levels for potential buying trends.
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Disclaimer: Cryptocurrency is a high-risk asset class, and this article is for informational purposes only and does not constitute investment advice. Capital loss is possible.