Bitcoin is currently trading just above $65,000, experiencing a 1.25% correction after a recent surge. This upward movement was driven by weaker US CPI data, dovish FOMC sentiment, and a break from a symmetrical triangle pattern. Despite this slight bearish correction, the Bitcoin price prediction remains bullish, especially with Andrew Tate’s announcement to invest $100 million in Bitcoin and decreasing BTC supply on exchanges. The on-chain analytics firm Glassnode reported that the Bitcoin supply on exchanges has dropped to new lows, indicating a significant decrease as bullish sentiment grows. In the last 24 hours, 23,654 BTC exited exchanges, with weekly and monthly outflows also down, suggesting increasing bullish pressure as traders move their assets off exchanges.
Several traditional finance firms have disclosed their exposure to spot Bitcoin ETFs, further driving prices up. British-American social media personality and former professional kickboxer Andrew Tate announced plans to invest heavily in Bitcoin, expressing his dissatisfaction with traditional banks and their practices. Tate plans to invest $100 million in Bitcoin, stating his intention to move away from fiat currency. Despite some skepticism from online users, Tate is committed to his crypto investment, criticizing banks and calling their practices scams. He has previously been involved in cryptocurrency-related news and has been a part of the meme stock movement, investing $6 million in Gamestop.
Looking at the technical side of the market, the Bitcoin price prediction is showing signs of retracement, having dipped below the $66,600 level. The 38.2% Fibonacci retracement around $64,750 is acting as major support for BTC. As long as Bitcoin holds above this level, the chances of a bullish bounce are high. Immediate resistance is likely at the $66,600 level, with further resistance at $67,820 and $69,000. A bearish correction could see BTC breaking below $64,750, with the 50-day Exponential Moving Average on the four-hour time frame likely to support BTC around $63,150. The Relative Strength Index is still in bullish territory, currently holding around 62.
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