NEW DELHI (CoinChapter.com) — Bitcoin’s (BTC) price failed to hold above $24,000 after painting four consecutive red candles on its daily chart. BTC shark and whale addresses have gone dormant as the apex crypto moves between the $23,000 and $25,000 price range, per market intelligence platform Santiment.
In a tweet, Santiment noted that the number of wallet addresses holding 1,000-10,000 BTC tokens has declined.
Furthermore, the market intelligence platform noted that wallets holding 10-100 BTC continue to accumulate the token. As such, it seems smaller holders remain positive about BTC’s long-term bullish prospects.
However, Santiment noted that once the 1,000-10,000 BTC addresses start rising, it might be a sign that BTC prices are ready to break out. Whale movements are vital since their transaction volumes might impact market movements.
During the last quarter of 2022, the number of addresses holding 10-100 and 100-1000 BTC tokens rose steadily. Investors accumulated Bitcoins as BTC prices dropped to their lowest levels in years.
Bitcoin Price Moving Inside Bullish Wedge Pattern
Bitcoin price is moving inside a bullish pattern called the Falling wedge.
In detail, the technical pattern forms when the price fluctuates inside a pair of falling trendlines that would converge down the slope. The outcome of such downside patterns is typically a price breakout to the upside.
The upside target for the breakout is equal to the maximum distance between the falling wedge’s upper and lower trendlines. Hence, the BTC price might rise to $50,000 once it confirms the pattern, jumping nearly 110%.
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However, it might be some time before Bitcoin registers a strong uptrend as investors continue to assess the Federal Reserve’s decision regarding the monetary policy.
BTC Price Slides Below $24,000
BTC price continued its downtrend for the fourth consecutive day, as the prime crypto fell 2.7% to form a daily low near $23,695. Furthermore, long upper wicks on recent daily candles underscore the strong presence of bears near the $25,000 level.
Moreover, the momentum oscillator MACD charted a bearish crossover for Bitcoin on Feb 24. The pattern forms when the MACD line (between 12-day and 26-day EMA) moves below the MACD signal line (9-day EMA of MACD).
Since traders consider the pattern a sell signal, BTC price might drop to its 20-day EMA (red wave) support near $23,400. Breaching below the immediate support level could cause Bitcoin price to test its 200-day EMA (green wave) support near $21,700 before recovering.
On the other hand, should the BTC price start an uptrend, the crypto token could rise to challenge key resistance near $25,000. Breaking and consolidating above the immediate resistance level might help BTC’s price reach $26,500 before downside corrections pare gains.
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