10x Research: Bitcoin Enters Downward Trend Again
- Market Trend Analysis: 10x Research indicates that Bitcoin has entered a downward trend again, primarily due to changes in institutional investor behavior, which has put pressure on the market, particularly with approximately $2.7 billion flowing out of spot Bitcoin ETFs since May 7, indicating that investors are entering a risk-reduction phase.
- Institutional Investor Response: The analysis suggests that statements by MicroStrategy founder Michael Saylor implying that selling BTC could be considered under certain conditions have prompted institutional investors to begin rebalancing their portfolios, thereby exacerbating downward pressure on the market.
- Macroeconomic Impact: The report highlights that rising oil prices could push inflation figures higher in the near future, potentially impacting the Federal Reserve's interest rate policy, with the bond market already pricing in the possibility of another rate hike this year, further increasing pressure on Bitcoin.
- Volatility and Critical Levels: 10x Research also notes that implied volatility in the Bitcoin and Ethereum options markets is near historically low levels, and due to low trading volume and limited leverage, the markets could experience sharp price movements even in response to minor news events, while identifying the $76,088 level as a critical threshold, with this week's price movements being decisive for the market's short-term direction.
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Technical Analysis for BTC
Technical Sentiment Analysis for Bitcoin (BTC). As of , Bitcoin (BTC) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 4 technical signals, shows that 1 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for BTC stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, BTC is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Bitcoin (BTC) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 69597.652 | 71943.626 | 74535.822 | 76881.796 | 79473.992 | 81819.966 | 84412.162 |
| Fibonacci | 71943.626 | 73830.007 | 74995.415 | 76881.796 | 78768.177 | 79933.585 | 81819.966 |
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