The price of Bitcoin has been hovering around the $76,000 level due to concerns over renewed conflict near the Strait of Hormuz and uncertainty in the Federal Reserve’s monetary policy, creating downward pressure on the crypto markets. At press time, Bitcoin price was trading near $76,400, down nearly 1% over the past 24 hours.
Why Bitcoin price is facing pressure right now
The price of Bitcoin reached a peak near $79,000, but has since fallen back toward the $76,000 region as investors reduced their exposures to risk assets due to the rising geopolitical tensions in the Middle East.
In addition, increases in Treasury yields and uncertainty surrounding US rate cuts have helped limit the momentum of the overall crypto market as well.
Bitcoin price continues holding key support
Looking at the daily chart from TradingView, the price of Bitcoin has been trading between its short-term moving averages, while holding support within the $76,000-$76,800 range.
The 200-day exponential moving average (EMA) near $82,000 continues to serve as a significant resistance area for the price of Bitcoin, while recent price action suggests that buyers continue to defend current support levels.
At the same time as these developments have transpired, the On-Balance Volume (OBV) indicator has remained relatively flat and suggests stronger buying pressure is still absent even though prices have seen small recoveries over the past few weeks.
Also Read: Bitcoin Price Eyes CME Gap Rally as Market Watches Key $79.000 and $84,000 Levels
Crypto Tice sees massive Bitcoin price potential
Cryptocurrency analyst Crypto Tice has shared a highly bullish Bitcoin outlook despite current market conditions.
According to the analyst, Bitcoin’s current chart structure could support a move toward $600,000 based on historical breakout patterns previously seen in gold.
Crypto Tice also indicated that he had anticipated a multi-year cup and handle breakout with a price target near $220,000 before expanding the outlook further in his latest market commentary.
While the price of Bitcoin has been affected by short-term price fluctuations, on-chain metrics and other data continue to suggest that the overall structure of the Bitcoin market remains stable over the long run.
The amount of Bitcoin held on exchanges is now at or about all-time lows which suggests long-term holders have not yet returned to aggressive selling activity.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: Bitcoin Price Shock 5 Signals Hint at Major Market Shift After $79K Drop
