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Cryptocurrency News Articles

Bitcoin Sentiment Dips: Cooling Off Ahead of Halving Event?

Mar 22, 2024 at 07:00 pm

Bitcoin sentiment may be cooling as the cryptocurrency settles into a sideways trend around $65,000. Analysts warn of potential dips ahead of the halving event, citing overbought conditions and weak inflows into spot Bitcoin ETFs. Some even predict a drop to $42,000. Despite this, there are still bullish signs in the short term.

Bitcoin Sentiment Dips: Cooling Off Ahead of Halving Event?

Is Bitcoin Sentiment Cooling Off?

After a wild ride earlier this week, Bitcoin has settled into a sideways trend, finding support around $65,000. But is this a sign of things to come?

Profit-Taking Ahead of Halving Event?

Analysts at J.P. Morgan believe Bitcoin may be overbought and due for a pullback before the upcoming halving event. They point to weak inflows into spot Bitcoin ETFs as a possible catalyst for a reversal. Some analysts even suggest a potential drop to $42,000.

Bullish Signs in the Short Term

On the daily chart, Bitcoin has formed a bull flag pattern, typically seen as a bullish signal. However, the price has tested both the top of the flag and the $65,000 support level on Friday. A breakout could be imminent.

Storm Clouds on the Horizon?

While the short-term outlook may be positive, a broader perspective on the weekly chart raises concerns. The stochastic RSI indicators have crossed down, indicating a loss of momentum and potential bearish divergence. If a correction occurs, $43,000 could provide support, aligning with the level suggested by J.P. Morgan analysts.

What's Next for Bitcoin?

The direction of Bitcoin remains uncertain. Sentiment has cooled, but the short-term technical picture suggests a possible breakout. However, the longer-term trend may be shifting, with bearish divergence emerging. Keep an eye on key support levels and monitor the market closely for any significant changes.

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Other articles published on May 09, 2025