As a seasoned crypto investor with several years of experience in the market, I’ve seen my fair share of price fluctuations and trend reversals. The latest drop in Bitcoin’s price from around $72,000 to below $67,000 is concerning, especially after it failed to break above the $73,000 resistance level. This rejection and subsequent drop below the 1-hour and 4-hour SMAs are warning signs that the market sentiment may be shifting from bullish to bearish.
After hitting a roadblock at the $72,983 mark, Bitcoin‘s value has taken a downturn. Despite currently hovering above the 1-day Simple Moving Average (SMA), this setback caused the cryptocurrency to plummet from $71,942 to $66,785, and it now lies below both the 1-hour and 4-hour SMAs. This dip beneath the SMA may lead to a shift in trend, making the price direction bearish.
At the point of composition, Bitcoin’s price hovered around $67,635, marking a 0.14% increase. Its market value exceeded $1.3 trillion, while its daily trading volume surpassed $25 billion. However, both its market capitalization and trading volume experienced decreases – the former by 1.14%, and the latter by a significant 6.07%.
Bitcoin Price Conditions In 4-Hour And 1-Day ChartÂ
Based on the last 4 hours, Bitcoin’s price has dipped beneath its simple moving average. This could be a sign that the cryptocurrency’s value may start trending downwards from hereon.
As an analyst, I’ve noticed that Bitcoin’s 1-hour Moving Average Convergence Divergence (MACD) indicator suggests a potential bearish trend. Specifically, the MACD histograms are currently sitting below the zero line, and the MACD line and signal have also crossed each other, both trending below the MACD zero line.
As an analyst, I’ve noticed from my analysis of the 1-day chart that Bitcoin’s (BTC) price is tending towards the 100-day simple moving average. Additionally, the Moving Average Convergence Divergence (MACD) indicator on the same timeframe is showing a bearish formation. Specifically, the MACD histograms have dipped below the MACD zero line.
As a researcher studying the financial markets, I’ve noticed an intriguing development in the moving averages of Bitcoin (BTC). Specifically, the Moving Average Convergence Divergence (MACD) line and the MACD signal line have crossed paths and are now converging toward the zero line.
A Path To New All-Time High On The Horizon?
At present, Bitcoin’s price encounters a significant resistance at $73,203. Meanwhile, there are two crucial support levels: $60,146 and $50,604. Should the Bitcoin trend turn bearish as anticipated, it may begin to decline towards the $60,146 support level.
As a crypto investor, I would interpret this as: If Bitcoin (BTC) drops below its current level, it might continue downward to challenge the support at $50,604. Furthermore, there are additional support levels situated at $60,146 and lower that BTC could potentially reach if it falls further than $50,604.
If the digital asset doesn’t dip below any of the previously mentioned support levels, it is expected to rise again and approach its former resistance level of $73,203. Should it surpass this resistance, a fresh upward trend could ensue, potentially reaching new heights.
Read More
- CORE PREDICTION. CORE cryptocurrency
- Top gainers and losers
- SYS PREDICTION. SYS cryptocurrency
- KUNCI PREDICTION. KUNCI cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- CFG PREDICTION. CFG cryptocurrency
- Best coins for today
- DOGE PREDICTION. DOGE cryptocurrency
- THOR PREDICTION. THOR cryptocurrency
- STFX PREDICTION. STFX cryptocurrency
2024-06-01 23:10