As an experienced analyst, I believe that Bitcoin’s price is currently undergoing a significant bearish trend. Based on the technical analysis presented in this article, the recent price action of BTC indicates further declines in the near term.
The dominant cryptocurrency, Bitcoin (BTC), seems poised for more drops based on current market signs. A bearish attitude is growing among traders and investors, with Bitcoin failing to hold essential support thresholds. Various influences, including economic pressures beyond our control, regulatory uncertainties, and technical signals, are fueling this pessimistic view.
From my perspective as an analyst, with Bitcoin currently experiencing significant selling pressure, the likelihood of further price declines grows. In this piece, I delve into the short-term price movements of Bitcoin, aiming to provide valuable insights for investors seeking to manage the market’s volatility and make judicious decisions regarding their BTC holdings.
As a crypto investor, I’m observing a 2.5% decrease in Bitcoin’s price right now, with it hovering around $67,796. The market cap of BTC is currently over $1.3 trillion, while its trading volume has surged past $29 billion. Despite the 2.44% drop in market capitalization, the trading volume has significantly increased by nearly 100% within the last day.
Technical Analysis Points Further Decline In Bitcoin Price
As a financial analyst, I’ve noticed that Bitcoin (BTC) on the 4-hour chart has dipped below its 100-day Simple Moving Average (SMA). This downward shift occurred with significant force, as evidenced by two successive bearish candlesticks. Given this momentum, it seems plausible that BTC’s price may continue to slide further.
In simpler terms, the 4-hour Relative Strength Index (RSI) for Bitcoin has significantly dropped below the 50% mark, signaling an approach towards oversold territory. This indicator hints at potential further price decreases for Bitcoin.
As a researcher observing Bitcoin’s (BTC) daily price chart, I notice a notable downward trend in BTC’s value with strong momentum. This price drop is pushing BTC toward the 100-day Simple Moving Average (SMA). The current candlestick formation indicates a large bearish pattern. Based on this price action, it seems plausible that Bitcoin may continue its bearish trend for the remainder of the day.
Lastly, the one-day RSI indicator for Bitcoin’s price indicates a possible further decline, since the RSI line has dipped slightly beneath the 50% mark and could potentially stay there for some time.
More Losses For BTC?
According to my price analysis and the RSI indicator’s signals, if Bitcoin continues to fall, it may reach the support of $66,736. Should this level give way, Bitcoin could decline further towards the support at $64,515. There is a chance that if this level fails to hold the price, Bitcoin could drop even lower, potentially testing the support at $60,158.
Should Bitcoin opt to change direction at any of the previously mentioned support points, it could potentially rise towards the $71,909 resistance mark. Once surpassing this barrier, the price may challenge the $73,811 level and potentially set a new record high.
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
2024-06-11 14:10