Bitcoin (BTC) Price Prediction: BTC Approaches a Crucial Resistance Level

Bitcoin [BTC] has been on a rising trend, and the king coin was approaching a crucial resistance. The latest analysis revealed that it is imperative for the coin to go above that level in order to enter an actual bull market.

Bitcoin [BTC] has been on a rising trend, and the king coin is approaching a crucial resistance. A recent analysis highlighted the importance of BTC’s 200-day simple moving average (SMA) resistance, which could determine the coin's next move.

BTC's price faced a slight correction after a week of increase. To be precise, BTC’s price showed an increment of over 5% in the last seven days. However, in the last 24 hours, the king coin’s price dropped marginally.

At the time of writing, BTC was trading at $63,037.03 with a market capitalization of over $1.25 trillion.

Meanwhile, Axel, a renowned crypto analyst, posted a tweet regarding a crucial development. According to the tweet, it was essential for Bitcoin to flip its 200-day SMA resistance into its new support.

Only then can we enter an actual bull market, as stated in the tweet. At press time, Bitcoin was testing the resistance.

Hence, AMBCrypto planned to have a closer look at the coin’s state to see how likely it is for BTC to flip this resistance into its new support.

What’s next for BTC?

According to our analysis of CryptoQuant’s data, the selling pressure on BTC was increasing. For instance, BTC’s exchange reserve was on the rise. The coin’s net deposit on exchanges was also high compared to the last seven-day average.

These two metrics indicated that the selling pressure on Bitcoin was high. Moreover, the coin’s aSORP was also in the red. This suggested that more investors were selling their coins at a profit.

In the midst of a bull market, this could be an indication of a market top.

We then had a look at BTC’s daily chart to see if the coin is up for a price correction. We also found that BTC was nearing a resistance at $64k. The good news was that the MACD indicated a bullish strength in the market.

Furthermore, the Chaikin Money Flow (CMF) also supported the bulls as it moved up, hinting at a breakout above the resistance.

Apart from this, data from Hyblock Capital also showed that BTC’s path toward $64k was clear as liquidation would only begin to rise at that level. Usually, a hike in liquidation leads to short-term price corrections.

However, if the bears take over, it won’t be surprising to see BTC drop down to $57k again.

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