Bitcoin price made a positive impact on investors after its recent rally, but it seems like the uptrend will be stopping for a while now.
Bitcoin price is expected to fall back owing to the macro conditions and price indicators. The potential of selling is high ahead of the US Nonfarm Payrolls report and investors' booking profits. Whale wallets holding $230 million worth of BTC have moved their holding only for the second time in 12 years, suggesting an inclination to sell. With investors selling for profits, macro conditions opposing optimistic outlooks and the market cooling down, a decline does not seem too far-fetched.
The indicator shows bullishness receding on the histogram, with chances of a bearish crossover increasing. In the event that the support line is invalidated, Bitcoin would have one chance to bounce off $31,507, but profit booking combined with FUD would result in a further price fall, sending BTC to the $30,000 confluence where the 50-day Exponential Moving Average lies.
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