{"id":415546,"date":"2024-08-18T18:30:16","date_gmt":"2024-08-18T13:00:16","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=415546"},"modified":"2024-08-18T23:47:22","modified_gmt":"2024-08-18T18:17:22","slug":"why-bitcoins-price-outlook-remains-bearish-despite-63k-prediction","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/why-bitcoins-price-outlook-remains-bearish-despite-63k-prediction\/","title":{"rendered":"Why Bitcoin&#8217;s price outlook remains bearish despite $63K prediction"},"content":{"rendered":"<ul>\n<li><em>Bitcoin has a bearish trajectory in the short-term.<\/em><\/li>\n<li><em>Liquidity pools could pull the price to $63k in the coming days.<\/em><\/li>\n<\/ul>\n<p><a href=\"https:\/\/ambcrypto.com\/predictions\/bitcoin-price-prediction\/\" target=\"_blank\" rel=\"noopener\">Bitcoin [BTC]<\/a> miners saw a large drop in their profit margins when the price fell to $49k two weeks ago. This led to miner capitulation and increased outflows from miners.<\/p>\n<p>The spike in hash rate and mining difficulty put the smaller miners in a <a href=\"https:\/\/ambcrypto.com\/bitcoin-at-a-crossroads-miner-capitulation-vs-signs-of-market-stability\/\" target=\"_blank\" rel=\"noopener\">tough spot<\/a>.<\/p>\n<p>The technical analysis and the liquidation heatmap gave clues that a BTC recovery would face a massive hurdle above the $60k psychological resistance. Do the bulls have enough ammunition to break this barrier?<\/p>\n<h2>The momentum might be shifting towards the bulls<\/h2>\n<figure id=\"attachment_415609\" aria-describedby=\"caption-attachment-415609\" style=\"width: 1940px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/PP-1-BTC-TV.png\"><img decoding=\"async\" class=\"size-full wp-image-415609\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/PP-1-BTC-TV.png\" alt=\"Bitcoin 12-Hour Chart\" width=\"1940\" height=\"1010\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/PP-1-BTC-TV.png 1940w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/PP-1-BTC-TV-300x156.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/PP-1-BTC-TV-1024x533.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/PP-1-BTC-TV-768x400.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/PP-1-BTC-TV-1536x800.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/PP-1-BTC-TV-1200x625.png 1200w\" sizes=\"(max-width: 1940px) 100vw, 1940px\" \/><\/a><figcaption id=\"caption-attachment-415609\" class=\"wp-caption-text\">Source: BTC\/USDT on TradingView<\/figcaption><\/figure>\n<p>The RSI on the 12-hour chart has skirted about the neutral 50 level over the past week. The $61.5k region has consistently rebuffed the price during this period.<\/p>\n<p>At press time, the RSI appeared to be trying to move above 50 once more.<\/p>\n<p>The OBV has also climbed higher over the past two days. This indicated that demand might be enough to drive BTC to the $63k mark. However, an imbalance and a resistance level coincided there.<\/p>\n<p>Bitcoin bulls will have a tough time battling the sellers, but they have one factor that could help.<\/p>\n<h2>Magnetic zones favor the BTC bulls in the short-term<\/h2>\n<figure id=\"attachment_415608\" aria-describedby=\"caption-attachment-415608\" style=\"width: 1866px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/PP-1-BTC-price-1.png\"><img decoding=\"async\" class=\"size-full wp-image-415608\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/PP-1-BTC-price-1.png\" alt=\"Bitcoin Liquidation Heatmap\" width=\"1866\" height=\"1050\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/PP-1-BTC-price-1.png 1866w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/PP-1-BTC-price-1-300x169.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/PP-1-BTC-price-1-1024x576.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/PP-1-BTC-price-1-768x432.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/PP-1-BTC-price-1-1536x864.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/PP-1-BTC-price-1-1200x675.png 1200w\" sizes=\"(max-width: 1866px) 100vw, 1866px\" \/><\/a><figcaption id=\"caption-attachment-415608\" class=\"wp-caption-text\">Source: <a href=\"https:\/\/old.hyblockcapital.com\/liquidationlevel-heatmap\" target=\"_blank\" rel=\"noopener\">Hyblock<\/a><\/figcaption><\/figure>\n<p>The liquidation heatmap showed a high concentration of liquidation levels at $63k and $67.1k.<\/p>\n<p>The proximity and density of the liquidity cluster at $63k could see Bitcoin jump higher to sweep the region before a pullback.<\/p>\n<hr \/>\n<p style=\"text-align: center;\">Read <a href=\"https:\/\/ambcrypto.com\/predictions\/bitcoin-price-prediction\/\" target=\"_blank\" rel=\"noopener\">Bitcoin&#8217;s [BTC] Price Prediction<\/a> 2024-25<\/p>\n<hr \/>\n<p>The liquidity above $65k was also a magnetic zone, and a move to $67.1k can not be discounted.<\/p>\n<p>However, traders must remember that BTC has a bearish market structure on the weekly chart and needs a move past $69.5k to change this situation.<\/p>\n<p><i>Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer\u2019s opinion<\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin has a bearish market structure on the weekly chart but a short-term impulse move higher could occur.<\/p>\n","protected":false},"author":57,"featured_media":415615,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[41,35,360,18,66,3,23,4,20],"tags":[6427,6428],"class_list":["post-415546","post","type-post","status-publish","format-standard","has-post-thumbnail","category-analysis","category-bitcoin-news","category-btc-trading-view","category-hide-cryptopanic","category-new-news","category-news","category-no-home","category-social","category-trading-view","tag-ambcrypto","tag-new-news"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.5 (Yoast SEO v28.5) - 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