Armstrong Remains Bullish on Bitcoin Amid Market Volatility
- Optimism Amid Volatility: Coinbase CEO Brian Armstrong expressed his continued bullish stance on Bitcoin via social media, emphasizing that short-term price fluctuations do not reflect long-term adoption trends despite recent market turbulence.
- Bitcoin Recovery: Following a U.S.-Iran deal, Bitcoin's price rebounded above $65,500, rising approximately 2.2% within 24 hours and peaking near $65,893, indicating potential market recovery; however, it still needs to break through the $68,000 resistance level to confirm a broader rebound.
- Market Cycle Analysis: Armstrong highlighted Bitcoin's four-year cycle history, stressing the volatility of market conditions and suggesting that the current cycle is at an uncertain point rather than a clear peak, urging investors to remain cautious.
- Industry Breadth: He also pointed out that the cryptocurrency market has expanded beyond Bitcoin, encompassing stablecoins, derivatives, and prediction markets, showcasing the broad impact of cryptocurrencies across the financial sector.
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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 | 52935.023 | 56217.511 | 59820.143 | 63102.631 | 66705.263 | 69987.751 | 73590.383 |
| Fibonacci | 56217.511 | 58847.627 | 60472.515 | 63102.631 | 65732.747 | 67357.635 | 69987.751 |
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