Bitcoin’s price has taken a step back in the last 24 hours, shedding nearly 3% after hitting a daily high of $86,429.35. This downturn comes despite a strong performance over the past week, during which Bitcoin surged by almost 9%.
The Bitcoin price drop also coincides with the release of quarterly earnings reports from major Wall Street institutions, Citigroup and Bank of America. Both banks included cautious outlooks regarding the health of the US economy.
Bank of America’s CEO, Brian Moynihan, highlighted the significant uncertainty surrounding Donald Trump’s tariffs and economic policies, suggesting potential headwinds for growth.
Adding to the selling pressure, prominent analyst Ali Martinez pointed out that large Bitcoin holders, or whales, have been capitalizing on the recent rally to take profits, offloading over 29,000 BTC since April 9th.
Furthermore, data from CryptoQuant indicates that Bitcoin miners have also increased their selling activity alongside “Short-Term Holders (STH)” who have been sending an average of ~930 BTC/day to exchanges.
A Tuesday report from the firm revealed that miners intensified their sales last week as Bitcoin’s price dipped below the $80,000 mark, with a notable 15,000 BTC sold on April 7th alone.
CryptoQuant noted that miner operating margins have fallen from 53% in late January to 33% currently, placing Bitcoin in one of its least bullish phases since November 2022.
Bitcoin Price Analysis – Where Is BTC Heading Now?
Bitcoin’s Relative Strength Index (RSI) sits at 50.21, signaling a neutral market stance.
This midpoint reading suggests that BTC is neither overbought nor oversold, reflecting a period of indecision as bulls and bears battle for control.
Source: TradingView
The RSI’s flat slope indicates consolidation at current levels, with no clear directional momentum for now.
However, the MACD paints a more optimistic picture. The MACD line (blue) remains above the signal line (orange), and the histogram has flipped slightly positive – hinting at early bullish momentum.
If this crossover holds, it could mark the start of a trend reversal, especially if price action remains above the neckline of the visible inverse head and shoulders pattern forming on the chart.
Keep an eye on volume and a decisive move above $86K to confirm a potential breakout.
This Project Raised $11.7M during Presale despite Bitcoin’s Stagnancy
As Bitcoin navigates recent price fluctuations, a new contender is emerging in the burgeoning crypto wallet space.
Best Wallet (BEST) is setting its sights on disrupting the $11 billion market with a feature-rich ecosystem designed to enhance user experience and reward its token holders.
Source: Best Wallet
Best Wallet delivers optimal exchange rates and some of the lowest processing fees in the market.
By holding $BEST tokens, users unlock valuable perks – such as access to early-stage presales via its upcoming launchpad, boosted staking yields, and governance rights within the ecosystem.
Disclaimer: This publication is sponsored. Coinspeaker does not endorse or assume responsibility for the content, accuracy, quality, advertising, products, or other materials on this web page. Readers are advised to conduct their own research before engaging with any company mentioned. Please note that the featured information is not intended as, and shall not be understood or construed as legal, tax, investment, financial, or other advice. Nothing contained on this web page constitutes a solicitation, recommendation, endorsement, or offer by Coinspeaker or any third party service provider to buy or sell any cryptoassets or other financial instruments. Crypto assets are a high-risk investment. You should consider whether you understand the possibility of losing money due to leverage. None of the material should be considered as investment advice. Coinspeaker shall not be held liable, directly or indirectly, for any damages or losses arising from the use or reliance on any content, goods, or services featured on this web page.
Solana (SOL) has lit up the crypto market this week, surging to its highest levels in April amid bullish news sparking renewed interest in the Layer 1 blockchain network.
