Bitcoin Bounces 6.5% but Faces Pressure Ahead
- Bitcoin Recovery: Bitcoin bounced 6.5% from a local low of $59,100 to $62,950, indicating short-term volatility despite concerns over potential Federal Reserve rate hikes, which could impact future price movements.
- Nasdaq Collapse Impact: The Nasdaq Composite fell 4.18% on June 5, marking its worst single-day drop since April 2025, which has shaken investor confidence in Bitcoin, especially following the release of strong job data that raised rate hike expectations.
- Historical Support Level: Bitcoin's 200-week simple moving average currently sits near $61,880, a level that has historically defined major bear market bottoms; maintaining above this level could provide crucial support for future price recovery.
- Extreme Market Sentiment: The Crypto Fear and Greed Index dropped to 12, indicating extreme fear in the market, which typically precedes potential recovery opportunities, although ETF outflows need to stabilize to restore investor confidence.
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Technical Analysis for CHIP
Technical Sentiment Analysis for ChipCoin (CHIP). As of , ChipCoin (CHIP) 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 CHIP 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, CHIP 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 $-.
ChipCoin (CHIP) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.0172 | 0.0245 | 0.0298 | 0.0371 | 0.0424 | 0.0497 | 0.055 |
| Fibonacci | 0.0245 | 0.0293 | 0.0323 | 0.0371 | 0.0419 | 0.0449 | 0.0497 |
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