Benzinga - by Khyathi Dalal, Benzinga Staff Writer.
Bitcoin (CRYPTO: BTC) currently trading at around $63,440 with a drop of 4.1% in the past 24 hours, prompting technical analyst Ali Martinez a steeper drop if it falls below $63,300.
What Happened: Martinez in his latest tweet, April 25, highlighted two sell signals on the Bitcoin 12-hour chart: a death cross between the 50 and 100 Simple Moving Average (SMA) and a red 9 candlestick from the TD Sequential.
He warned that if Bitcoin falls below $63,300, it could potentially plunge to $61,000 or even $59,000.
Two sell signals were presented on the #Bitcoin 12-hour chart: A death cross between the 50 and 100 SMA and a red 9 candlestick from the TD Sequential.If $BTC falls below $63,300, brace for possible dives to $61,000 or even $59,000. pic.twitter.com/24A3YtbgTb
— Ali (@ali_charts) April 25, 2024
In a previous tweet, Ali had pointed out that Bitcoin would need a surge in liquidity to keep the bull run going.
Also Read: Peter Schiff Warns Bitcoin Hodlers: ‘It’s A Long Way Down’ If King Crypto Can’t Hold $60K
Why It Matters: This warning comes amid a turbulent period for Bitcoin. Martinez’s analysis and the recent market data suggest a potentially bearish trend for Bitcoin in the near term.
IntoTheBlock data highlights that total exchange inflows over the past seven days decreased from $2.58 billion as of April 19 to $699.8 million as of April 24. Over the same period, total exchange outflows also dropped from $1.45 billion to $804.3 million.
SoSoValue data highlights that BlackRock’s iShares Bitcoin Trust IBIT saw no net inflows on Wednesday, breaking a 71-day streak of continuous investment. Furthermore, spot Bitcoin ETF flows recorded net outflows totaling $121 million, indicating a challenging day for cryptocurrency investments.
What's Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga's upcoming Future of Digital Assets event on Nov. 19.
Read Next: Morgan Stanley Considers Broader Bitcoin ETF Sales Through Broker Network
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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