Bitcoin Bounces but Trend Remains Unclear

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: 12 hours ago

BTC+2.042%

X+6.6699996%

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Support Bounce: Bitcoin has bounced from the $74,249 support level, currently trading near $76,934, but it has yet to break the descending trendline; failure to do so could lead to a downside target of $60,000.
Trendline Break Needed: Analysts emphasize that Bitcoin must break above the key resistance level of $82,750 in the short term to confirm a trend shift; otherwise, it may remain trapped in the current range, impacting market confidence.
Lower High Formation: After sweeping liquidity near the $83,000 mark, Bitcoin formed a lower high, indicating market weakness; if it fails to close above $83,000, it could lead to further declines towards $59,809.
Technical Analysis Warning: Analyst CryptoPatel warns that the current technical structure shows potential channel breakdown risks, necessitating attention to either an $85,000 reclaim or a $60,000 sweep to determine future actions.

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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	66451.085	70370.342	73825.935	77745.192	81200.785	85120.042	88575.635
Fibonacci	70370.342	73187.535	74928	77745.192	80562.385	82302.85	85120.042

About BTC

Bitcoin is a decentralized cryptocurrency originally described in a 2008 whitepaper by a person, or group of people, using the alias Satoshi Nakamoto. It was launched soon after, in January 2009.Bitcoin is a peer-to-peer online currency, meaning that all transactions happen directly between equal, independent network participants, without the need for any intermediary to permit or facilitate them. Bitcoin was created, according to Nakamoto’s own words, to allow “online payments to be sent directly from one party to another without going through a financial institution.”Some concepts for a similar type of a decentralized electronic currency precede BTC, but Bitcoin holds the distinction of being the first-ever cryptocurrency to come into actual use.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

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