After an initial dip on April 24, Bitcoin’s price forecast has floated on neutral sentiments since its trading range has been static since then for a few likely reasons.

Bitcoin has been relatively stagnant for over 24 hours, without any spike in volatility as well. In the early hours of April 25, it went just below $64,000, but was quick to recover back above the level. Meanwhile, Bitcoin’s price forecast has been broadly neutral. If BTC soon crosses its 20-day moving average, one may expect it to hit the $70,000 trading level.

The lower volatility in Bitcoin’s trading range will likely persist over the weekend. Moreover, the increase in US inflation rates could be the chief trigger for traders’ cautiousness. Owing to the higher inflation, investors and traders will probably wait for certainty in central bank action worldwide.

Once the bullish BTC price targets resume, Bitcoin’s trading range could see a breakout. At the same time, an altcoin price hike may also take place.

However, crypto proponents have continued their bullish stance on Bitcoin. For instance, recently, an asset manager predicted a big inflow of funds into Bitcoin soon.

Mark Yusko, the CEO of Morgan Creek Capital, said, “There’s going to be $300 billion, I believe — that’s 1% of $30 trillion — that comes into this space [within 12 months].”

BTC/USD 1D price chart

Bitcoin is currently trading at around $64,300 on April 26, 2024, with BTC/USD trading lower by a margin of 0.1% in the last 24 hours. Bitcoin’s market cap was trading at around $ 1.27 trillion in the last 24 hours.

BTC/USD is trading below its 20-day EMA (66,297.95), as BTC’s 24-hour volume was at around $31.95 billion. The global crypto market cap decreased by around 0.28%, trading above $2.36 trillion. BTC’s year-to-date returns are at 52.99%

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Bitcoin and other altcoins have staged a long rally in the current year, pulling up crypto yearly returns to record highs with rising investor sentiments.

Bitcoin maintained its support level of over $43,000 on consecutive days, turning trading signals green in the market. It has slowed down slightly from its trading range above $44,000, likely due to profit booking by traders. Meanwhile, its bull run has kept crypto yearly returns much higher than in 2022. BTC has recovered all its losses from around $16,400 in November 2022.

If it holds its current price range over the weekend, BTC could propel the market higher next week. The crypto price jump of 2023 has led to a broad-based rally across multiple tokens as well.

BTC’s rise in 2023 has been gradual. It saw stagnant returns for months in 2023. In September 2023, Bitcoin fell to the $25,000 mark, igniting calls for sell-offs. Despite such occurrences, bulls helped Bitcoin and several other crypto tokens gather support and rise to their present levels.

Moreover, the crypto market jump has led to short sellers losing billions. A recent report by S3 Partners, a research firm, confirmed the same and said, “Investors looking for crypto exposure can now pick between the actual crypto-currencies or crypto stocks – if the recent momentum continues, both look to outperform the market.”

BTC/USD 1D price chart

Bitcoin is currently trading at around $43,700 on December 7, 2023, with BTC/USD trading lower by a margin of 0.3% in the last 24 hours. In the last 24 hours, Bitcoin’s market cap was trading at around $843 billion.

BTC/USD is trading higher than its 20-day EMA (38,457.88), as BTC’s 24-hour volume was at around $26 billion. The crypto market cap decreased by around 0.53%, trading above $1.59 trillion. BTC’s year-to-date returns are above 162.79%.

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The upward run in the crypto market has continued, with Bitcoin price indicators leading the signals for buying across the market, while bearish signs have almost disappeared.

The crypto market has continued its stable run post the BTC halving event. While bearish signals are negligible, bulls have also been slightly defensive. Bitcoin price indicators have reflected these signs. Although they’re still in the green, Bitcoin prices have been static. The $66,000 level has acted as Bitcoin’s support over the last couple of days.

On the other hand, the crypto support zone in the market is relatively balanced. Volatility has decreased, and the crypto support levels for multiple tokens are robust. In the last few days, the crypto market’s gain signaled the potential for further climbs. For the short term, buyers need to hold BTC’s price above its 50-day moving average to maintain the bullish spirit.

Analysts also noted reduced selling pressure and balanced market sentiments in crypto. Joe Burnett, a popular BTC proponent, reinforced his belief in crypto. 

He said, “Bitcoin is the one asset with the most superior monetary properties and does not melt, no matter how much wealth is stored in Bitcoin.”

An altcoins recovery is also going on in the crypto market. ETH, for instance, has rallied over 6% in the last seven days. XRP and SOL have also experienced double digit weekly returns.

BTC/USD 1D price chart

Bitcoin is currently trading at around $66,600 on April 24, 2024, with BTC/USD trading higher by a margin of 0.42% in the last 24 hours. Bitcoin’s market cap was trading at around $ 1.31 trillion in the last 24 hours.

BTC/USD is trading below its 20-day EMA (67,011.17), as BTC’s 24-hour volume was at around $24 billion. The global crypto market cap increased by around 0.85%, trading above $2.46 trillion. BTC’s year-to-date returns are at 59.16%

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