Bitcoin (BTC) Price Isn’t Going To Rise Further?

• Bitcoin (BTC) price has dropped from $66K to $64K over the past 24 hours.
• BTC’s fear and greed index stands at 72, holding up in the greed zone.

Bitcoin (BTC) fails to maintain its momentum within the $66K-$67K range, noting over 3.7% decline. This drop in its price is influenced by the news of the US DOJ arresting the founders of Samourai Wallet.

Following the Bitcoin Halving on April 19th, the king of crypto gradually rebounded back into the $65K range and eventually marked daily highs at $67K over the past three days since Monday. At the time of writing, BTC traded at $64,062 with a market cap of 1.26 trillion and recorded a daily trading volume of $30.9 billion, as per CoinMarketCap data.

Bitcoin (BTC) Price in the Last 24H Window

BTC/USDT Price Chart (Source: TradingView)

The accumulation/distribution (A/D) line appears to note any increase or steeper decline. Thus, signs of reversal have not been confirmed. Moreover, the relative strength index (RSI) is also bound within the neutral zone, slightly away from the oversold territory.

Meanwhile, recent data from IntoTheBlock contradicts the current downtrend. The data highlights that 86% of BTC holders are in profit.

Famed on-chain analyst Ali predicts a liquidation activity on Binance if Bitcoin surpasses $66,900. According to his analysis, $62 million is expected to be liquidated from this single crypto exchange if the price is reached. As per data, in the last 24 hours, Bitcoin’s long positions and short positions worth $36.1 million and $8.41 million respectively were liquidated. 

The global crypto market awaits to observe the impact of spot Bitcoin ETFs anticipated to begin trading on April 30th in Hong Kong on BTC prices. The aftermath of the fourth halving cycle has yet to be fully realized. There is panic about witnessing a further decline in Bitcoin price as well.