Bitcoin Price Drops 6%, Slow Growth Predicted

Share on Facebook Share on Twitter

The Impact of Falling Bitcoin Price on Its Forecast

In the last week, the price of Bitcoin has fallen by more than 6% and indicators point to more quiet days ahead. After Bitcoin successfully crossed the $44,000 mark, the growth momentum receded. It fell victim to a price correction as both its daily and weekly charts turned red.

Bitcoin Slows Down

Considering the latest data, investors should expect the price action of the king of cryptos to remain slow. CryptoCon of X (formerly Twitter) analyst recently revealed that Bitcoin has reached its last, slight resistance point on MVRV before hitting the red zone. Therefore, investors must remain patient until the MVRV ratio of BTC crosses the red line before the coin begins to register price increases.

Bitcoin’s Social Metrics Have Dropped

Bitcoin’s social metrics have dropped in the last week. Its social volume fell, indicating a decline in its popularity. The negative sentiment around the coin remained high, as evidenced by the drop in its weighted sentiment.

alert-circle
You can also find us on Telegram: Click here to follow our Telegram channel.

The Derivatives Market Looks Bearish

A look at Bitcoin’s derivatives market showed another bearish signal. Both the funding rate and the open interest of BTC have risen in the recent past. This means that futures investors are actively buying BTC while the price remains low, increasing the chances of the trend continuing in the coming days.

Bitcoin’s Price Forecast for 2023-24

A look at BTC’s daily chart showed even more bearish indicators. Its MACD showed a clear bearish crossover. In addition, both the Relative Strength Index (RSI) and the Money Flow Index (MFI) recorded declines. According to the Bollinger Bands, the price of BTC is entering a less volatile zone. This increases the chances of a few more quiet days before BTC starts a new bull rally.

Conclusion

Despite the current bearish trend, Bitcoin remains an intriguing investment option. However, investors should remain patient and carefully observe market trends before making decisions. It is always advisable to be well-informed and possibly seek professional advice before investing in volatile asset classes like cryptocurrencies.

Sources: CoinMarketCap, Santiment, Coinglass, TradingView

Share on Facebook Share on Twitter

The 3 best cryptocasinos

Up to 1 BTC + 100 Free Spins
First Deposit Bonus
9.9
/ 10
Very good
Play now

T&Cs Apply, 18+

Bets.io review
Cryptocurrencies (12)
  • Bitcoin Logo
  • Ethereum Logo
  • Litecoin Casino
  • usd-coin-logo
Bets.io review

Bonus information

Bonus code: BETSFTD
Wagering requirements: 40x the bonus amount
40x the winnings from free spins
Minimum deposit: 20 USDT or equivalent
Bonus validity: 14 days
  • Maximum bet per round while wagering: 2 USDT – 0.000066 BTC , 0.01 BCH, 0.0011 ETH, 0.02 LTC, 40 DOGE, 2.8 XRP, 25 TRX, 6.6 ADA, 0.008 BNB, 2 BUSD, 2 DAI, 2 EUR – 2 USD.
  • Bonus must be used within 30 days of registration.
Why we like this casino

Bets.io is an impressive crypto casino that boasts a variety of games and renowned software providers. The website is easy to use and offers a wide selection of games, which makes the gaming experience particularly enjoyable. Furthermore, the customer service is available 24/7. They are highly competent, ensuring a reliable and trustworthy service.

Last update by Isabella Brown (iGaming expert for > 10 years) on 1. March 2024
Curaçao
Licence
100% up to 1 BTC
Welcome Bonus
9.9
/ 10
Very good
Play now

T&Cs Apply, 18+

Metaspins review
Cryptocurrencies (9)
  • Bitcoin Logo
  • Ethereum Logo
  • Litecoin Casino
  • usd-coin-logo
Metaspins review

Bonus information

Wagering requirements: 25x deposit & bonus
Minimum deposit: 0,1 mBTC
Bonus validity period: 7 days
  • Bonus & deposit must be wagered 25x
  • Max amounts: 1 BTC/10 ETH/10,000 USDT/10,000 USDC/100 BCH/200,000 TRX/35,000 ADA/150 LTC/125,000 DOGE
  • 7 days to wager
  • Minimum deposit: 0.1 mBTC
  • Slots 100%, game shows 50%, other 0%
Why we like this casino

Metaspins is still a very young crypto casino, but it can already convince with a very modern website, a good selection of games and, above all, an excellent bonus.

Isabella Brown
Last update: 1. March 2024
100% up to 1 BTC + 100 Free Spins
Welcome bonus
9.9
/ 10
Very good
Play now

T&Cs Apply, 18+

Empire.io review
Cryptocurrencies (9)
  • Bitcoin Logo
  • Ethereum Logo
  • Litecoin Casino
Empire.io review

Bonus information

Bonus Code KC100
Wagering requirements Bonus must be wagered 40x
Winnings from free spins must be wagered 40x
Minimum deposit 30 USDT or equivalent
Maximum bet €5 per round
Bonus currency Only with BTC and USDT deposit
  • The free spins are given on Sweet Bonanza.
  • VERY IMPORTANT: The bonus is only available when depositing with these methods: BTC & USDT.
  • To take advantage of the offer, change your wallet to mBTC (μBTC) or USDT and activate the bonus by clicking on “Redeem Bonus” and entering the bonus code.
  • Only the first deposit counts for the bonus.
Why we like this casino

We absolutely recommend Empire.io since it has one of the best crypto teams we know behind it. On top of that, it offers an extensive selection of slots and live games. The bonus is also exceptional with good conditions.

Last update by Isabella Brown (Nerd of Numbers) on 1. March 2024
Curaçao
Licence

Latest News

🍪
We use cookies. By using this site, you accept them.