BTC Price fails to cross the mark of $64,000 and pulls back to $60K. This has attracted investors, and they are expected to buy the dip with the hopes of reaching $70,000.
According to CoinMarketCap, Bitcoin is down 2.35% in 24 hours and has lost 5.15% of its value in the last week. The pullback has tested support around $60,000; however, a trend reversal might take place.
The investors are hopeful that BTC’s price will reach $70,000 in the next few days, making the dip more attractive. According to some predictions and key figures, the world-leading cryptocurrency will close the year around $100,000. Therefore, holders utilize retreats to gather more coins amid speculations for another colossal upswing.
It is not clear whether BTC’s price will retreat some more before finally leaping to $70K. Meanwhile, the MACD (Moving Average Convergence Divergence) indicator shows a sell signal on the daily chart. This call to sell is the result of a 12-day EMA crossed below the 26-day EMA. Moreover, the downward momentum will increase as the MACD drops toward the mean line. Don’t forget that this technical index depends on the trend of the asset and calculates the momentum.
Talking about the Relative Strenght Index (RSI), it shows that bears have the upper with increasing aggression. Similar to the MACD, the RSI follows BTC’s trends and calculates the bulls’ and bears’ strength. When RSI drops, it shows that the sellers have more influence.
However, these dips will keep attracting more investors, allowing them to buy lower while anticipating higher gains.