Bitcoin Price Struggles: Why It’s Not Rising? Analysts Explain!

  • Recent Bitcoin price movements have left investors on edge.
  • Despite recent gains, Bitcoin falling below $65,000 highlights a critical threshold, according to analysts.
  • Analyst Miles Deutscher points out that Bitcoin, based on the weekly chart, teeters around $64,000, a potential risk zone.

Analysts warn of potential downtrend as Bitcoin price hovers below crucial levels. Key insights and market analysis inside.

Bitcoin Loses Support Level, Faces Potential Downside

Deutscher highlights Bitcoin’s loss of the $66,500 mid-level support, and the significant threat looming over its $64,000 support. He suggests that for Bitcoin to regain upward momentum, reclaiming $66,500 is pivotal, following which aiming for the $73,000 range top is essential. Currently showing indecisiveness, Bitcoin might potentially trend downwards, with $64,000 being a critical support mark. Breaking this could see Bitcoin heading towards the $60,000 range floor.

2021 Market Dynamics Influence Current Trends

Deutscher also ties the underperformance of altcoins relative to Bitcoin back to 2021 market dynamics. During the 2021 bull run, the crypto market witnessed significant capital inflows, as indicated by the stablecoin index, particularly from venture capital firms. This unprecedented influx of funds had a substantial impact on the market.

Looking ahead, Deutscher notes that the early part of 2024 saw a significant number of new tokens entering the market, totaling over 1 million new tokens since April 2024. Despite increased liquidity from Bitcoin ETFs, the market has been negatively impacted by these new tokens, leading to a dilution affecting altcoin performance. Post the collapse of FTX, most leading altcoins, with few exceptions, have struggled to match Bitcoin’s performance.

Insights from Cunningham on Bitcoin’s Sideways Movement

Another perspective comes from Toby Cunningham of Crypto Tips, who addresses Bitcoin’s stagnant price around $65,000. Cunningham attributes the prolonged “sideways movement” over approximately 62 days to various speculated factors. Understanding these primary factors can provide investors with clarity for making informed decisions.

He highlights that historical data suggests this period of stagnation might extend before any significant move occurs. While some link the price action to the German government’s Bitcoin sales or regulatory probes around firms like Jump Trading, Cunningham disputes these as the main drivers.

The Role of Open Interest on Bitcoin’s Price

Cunningham also emphasizes the high open interest as a vital factor impacting Bitcoin’s price. This suggests significant leverage usage within the market. He notes that leverage utilization has been high over the past four months and has influenced market dynamics. Cunningham frequently critiques the Federal Reserve, stressing its substantial control over money supply and interest rates.

Despite a stagnant market, Cunningham points out strategic movements by “smart whales.” Recently, a whale purchased 570 Bitcoins worth over $430 million, signaling confidence in Bitcoin’s long-term value. This demonstrates that even amidst market pessimism or uncertainty, major investors view this period as an accumulation opportunity.


In conclusion, the current Bitcoin market scenario is complex, marked by critical support level threats and historical market dynamics. While short-term movements appear uncertain, strategic accumulations by significant investors suggest a positive long-term outlook. Investors are advised to remain patient, focusing on the fundamentals rather than short-term price fluctuations.

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Crypto Vira
Crypto Vira
Alican is a young and dynamic individual at the age of 23, with a deep interest in space exploration, Elon Musk, and following in the footsteps of Atatürk. Alican is an expert in cryptocurrency, price action, and technical analysis. He has a passion for sharing his knowledge and experience through writing and aims to make a positive impact in the world of finance.

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