Analysis of Bitcoin's Weekly Decline Reasons
- Market Volatility Impact: Bitcoin fell about 3% to near $78,000 in Asian morning trading, erasing its weekly gains, reflecting a global market repricing of interest rate paths that led to a broad decline in risk assets, subsequently impacting the crypto market.
- Liquidation Shock Scale: CoinGlass data revealed a total of $581 million in crypto liquidations over 24 hours, with $552 million from long positions, indicating strong liquidation pressure on bulls, particularly with Bitcoin's liquidation amounting to $189 million.
- Macro Economic Backdrop Changes: Due to hotter-than-expected CPI and PPI data, the market's view of the Federal Reserve shifted, leading traders to consider prolonged tightening policies, with the 10-year US Treasury yield surpassing 4.5%, exacerbating pressure on the crypto market.
- Future Market Outlook: Bitcoin's rebound is now more dependent on macroeconomic confirmation, with the current support level around $78,000 becoming increasingly significant; achieving a clearer rebound will require reduced liquidation pressure, stabilized bond yields, and alleviation of oil-driven inflation risks.
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Technical Analysis for DOGE
Technical Sentiment Analysis for Dogecoin (DOGE). As of , Dogecoin (DOGE) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 6 technical signals, shows that 3 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for DOGE 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, DOGE 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 $-.
Dogecoin (DOGE) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.0919 | 0.0988 | 0.105 | 0.112 | 0.118 | 0.125 | 0.131 |
| Fibonacci | 0.0988 | 0.104 | 0.107 | 0.112 | 0.117 | 0.12 | 0.125 |
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